Top 5 Government Benefits Canadians Can Expect in December 2024

Top 5 Government Benefits Canadians Can Expect in December 2024

As the holiday season approaches, Canadians can look forward to a series of government benefits and credits from the Canada Revenue Agency (CRA). These payments aim to provide much-needed financial support, whether you’re a parent, a senior, or a veteran. Here’s a comprehensive breakdown of the key benefits, eligibility criteria, and payment details for December 2024.


1. Ontario Trillium Benefit (OTB)

The Ontario Trillium Benefit combines three provincial credits to help low- and moderate-income Ontarians with essential expenses like energy bills and taxes. Distributed by the CRA, it includes the Ontario Energy and Property Tax Credit (OEPTC), the Northern Ontario Energy Credit (NOEC), and the Ontario Sales Tax Credit (OSTC).

Eligibility

To qualify, you must have filed your 2023 income tax return. If eligible, you likely began receiving payments on the 10th of each month starting in July 2024. For those entitled to $360 or less annually, the full amount was delivered as a lump sum in July.

Payment Amounts

  • OEPTC: Up to $104 for ages 18–64 or $118.41 for seniors 65 and older.
  • NOEC: Up to $15 for singles and $23.08 for families.
  • OSTC: Up to $30 per family member, including yourself, your spouse, and dependents.

Next Payment Date

December 10, 2024

OTB Payment Dates 2025: Amount and Key Details


2. Canada Child Benefit (CCB)

The Canada Child Benefit provides tax-free monthly payments to families with children under 18, offering extra support for those raising children with disabilities.

Eligibility

  • Must live with a child under 18 and be primarily responsible for their care.
  • At least one parent must meet residency requirements (e.g., Canadian citizen or permanent resident).

Payment Amounts

  • Maximum Monthly Payment (Adjusted Net Income ≤ $36,502):
    • Up to $648.91 per child under 6 years old.
    • Up to $547.50 per child aged 6–17.

Additional provincial or territorial benefits may also be included depending on your location.

Next Payment Date

December 13, 2024

Canada Child Benefit Payment Dates 2025: Amount, Eligibility, and Updates


3. Old Age Security (OAS)

Old Age Security is a monthly payment for Canadians aged 65 and older to help cover living expenses.

Eligibility

  • Must be 65 or older and have lived in Canada for at least 10 years after turning 18.
  • If residing outside Canada, at least 20 years of Canadian residency is required.

Payment Amounts (October to December 2024)

  • Ages 65–74: Up to $727.67 monthly.
  • Ages 75 and Older: Up to $800.44 monthly.

Payments are adjusted quarterly to account for inflation. Those turning 75 also receive a 10% increase in OAS.

Next Payment Date

December 20, 2024

OAS Payment Dates 2025: Increases and Amounts Explained


4. Canada Pension Plan (CPP)

The Canada Pension Plan provides lifelong monthly income to retirees who contributed during their working years.

Eligibility

  • Must be at least 60 years old with at least one contribution to the CPP.
  • Benefits depend on contributions and when you start receiving payments.

Payment Amounts

  • Maximum Monthly Payment (Starting at Age 65): $1,364.60.
    Your exact amount varies based on your earnings and contributions.

Next Payment Date

December 20, 2024

CPP Payment Dates 2025: Increases & Amounts


5. Veteran Disability Pension

This lifetime monthly payment supports veterans with disabilities related to their military service. Additional payments are available for dependents.

Eligibility

  • Must have a diagnosed medical condition directly linked to military service.
  • Covers Canadian Armed Forces veterans, RCMP members, and certain Second World War contributors.

Payment Amounts

  • Maximum Monthly Payment for Class 1 Disability: $3,357.30.
  • Additional Payments for Dependents:
    • $839.33 for a spouse.
    • $436.45 for the first child.
    • $318.94 for the second child.
    • $251.80 for each additional child.

Next Payment Date

December 23, 2024

Government Benefit Cheques Coming in January & February 2025


Important Reminder: Avoid Delays

If you receive your benefit payments by cheque, postal service disruptions could delay delivery. The CRA recommends signing up for direct deposit to ensure your funds arrive directly in your bank account on time.

For more information or to check your eligibility, visit the Canada Revenue Agency website.


Home: Southern Ontario Smart News


About Sophie Wilson 715 Articles
Sophie Wilson is a finance professional with a strong academic background, having studied at the University of Toronto. Her expertise in finance is complemented by a solid foundation in analytical and strategic thinking, making her a valuable asset in the financial sector.

Be the first to comment

Leave a Reply

Your email address will not be published.


*