Benefit cheques coming in January and February of 2025
Published November 16, 2024 at 10:08 am
With the holiday season in full swing, many residents may find themselves facing rising expenses. However, a round of government benefit cheques set to go out to eligible individuals in January and February aims to provide some much-needed relief.
Here are the upcoming payment dates:
Canadian Pension Plan and Old Age Security
The Canadian retirement benefits system includes the Old Age Security pension, guaranteed income supplement, allowance, and allowance for the survivor, along with the Canadian Pension Plan.
- CPP: Residents over 65 are eligible for a maximum monthly payment of $1,306.57.
- OAS Pension: Individuals aged 65 to 74 with an annual income below $142,609 can receive up to $707.68 per month. Those 75 and over with an income below $148,179 may receive up to $778.45 monthly.
The Canadian Pension Plan and Old Age Security payments are sent out monthly. Here are the upcoming payment dates:
- Jan. 29
- Feb. 26
Child Tax Credit
The Canada Revenue Agency (CRA) oversees the tax-free monthly Child Tax Credit benefit, designed for eligible families supporting children under 18. The CCB may incorporate the child disability benefit along with relevant provincial and territorial programs.
The next payment dates for the Child Tax Credit are:
- Jan. 20
- Feb. 20
The Ontario Child Benefit offers up to $1,607 annually per child, depending on an individual’s family net income and the number of children under 18 in their care.
Ontario Trillium Benefit
The Ontario Trillium Benefit, disbursed on a monthly basis, includes the Ontario Energy and Property Tax Credit, the Northern Ontario Energy Credit and the Ontario Sales Tax Credit. The payment dates are as follows:
- Jan. 10
- Feb. 10
Canada Carbon Rate
The Canada Carbon Rebate, previously called the Climate Action Incentive Payment, is a federal initiative designed to help Canadians manage the financial impact of carbon pricing. The program returns funds to residents in provinces where the federal carbon tax applies, including Ontario, Alberta, Manitoba and Saskatchewan. Most households receive more back than they pay in carbon taxes, with additional top-ups available for those in rural areas. The next quarterly payment is:
- Jan. 15
The annual payment for a family of four in Ontario could be up to $976.
GST/HST refund
The upcoming quarterly payment date for the GST and HST refunds are:
- Jan. 3
For individuals who are single, may receive an annual amount of $496.
Those married or have a common-law partner are eligible to receive $650.
Parents with a child under the age of 19 could get $171 per child.
Veteran disability pension
The veteran disability pension is a tax-free monthly payment that supports veterans and service members with service-related injuries or illnesses. Payment dates are as follows:
- Jan. 30
- Feb. 28
Advanced Canada Workers Benefit
The Canada Workers Benefit (ACWB) is a refundable tax credit to help low-income individuals and families who are working. The benefit consists of a basic amount and a disability supplement. Here is the next payment date:
- Jan. 10
As per the CRA’s website, the maximum basic amount for the benefit is $1,428 for single individuals and $2,461 for families. Single individuals with an adjusted net income exceeding $33,015 are not eligible for the basic amount, while for families, the adjusted net income is $43,212.
The disability supplement offers a maximum of $737 for singles and families. Ineligibility applies to individuals if their net income exceeds $37,932, and for families, it’s a household income between $48,124 and $53,037, depending on spouse eligibility.
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