Canadians can receive payments from these government benefits and credits this July
You could be eligible to receive thousands of dollars.
The Canadian flag. Right: A pile of Canadian money.
With July days away, Canadians can prepare to receive a new set of government benefits and credits.
With the cost of living at all-time highs, Canadian residents, particularly low-income Canadian families, are looking for ways to offset inflation in Canada, whether it be working longer hours, taking on more work, or relying on federal benefits.
It's best to verify your eligibility for the government benefits being paid out in July as you could be entitled to thousands of dollars. Benefits being sent out this July include the Canada Child Benefit, Canada Workers Benefit, the Canada Pension Plan and the Canada Carbon Rebate, to name a few.
Here's everything you need to know:
Canada Pension Plan
According to the Canada Revenue Agency, the Canada Pension Plan (CPP) is a taxable monthly benefit designed to replace a portion of your income upon retirement. To qualify, you must be at least 60 years old and have made at least one valid contribution to the CPP, either through work in Canada or credits from a former spouse or common-law partner.
As of 2024, the maximum monthly pension at age 65 is $1,364.60, while the average new retirement pension paid in October 2023 was $758.32. The actual amount you receive depends on your individual circumstances, up to the maximum allowable.
Payment Date: July 29, 2024
Old Age Security
The Old Age Security pension is a monthly payment for those aged 65 and above. Per the CRA, Canadians may automatically be enrolled based on available information, but if you do not receive a letter after turning 64, you should apply directly with the federal government.
Eligibility for residents includes being 65 or older, a Canadian citizen or legal resident, and having resided in Canada for at least 10 years since age 18. For non-residents, the requirements are being 65 or older, having been a Canadian citizen or legal resident before leaving, and residing in Canada for at least 20 years since age 18.
Payment Date: July 29, 2024
GST/HST credit
The GST/HST credit is a tax-free quarterly payment aiding individuals and families with low to modest incomes by offsetting their GST/HST expenses.
It may encompass provincial and territorial program payments. You're automatically assessed for this credit upon filing your taxes, the CRA indicates.
Payment Date: July 5, 2024
Canada Child Benefit
The Canada Child Benefit is a tax-free monthly assistance for families with children under 18. It may incorporate the child disability benefit and related provincial/territorial programs.
Eligibility requires:
- Residency in Canada for tax purposes
- Primary responsibility for the child's care
- Living with a child under 18
Eligible individuals also include Canadian citizens, permanent residents, protected persons, temporary residents meeting specific criteria, or those registered under the Indian Act. Benefit recalculations occur annually based on adjusted family net income, with indexation to inflation.
Payment Date: July 19, 2024
Ontario Trillium Benefit
The Canada Child Benefit is a tax-free monthly assistance for families with children under 18. It may incorporate the child disability benefit and related provincial/territorial programs.
Eligibility requires:
- Residency in Canada for tax purposes
- Primary responsibility for the child's care
- Living with a child under 18
Eligible individuals also include Canadian citizens, permanent residents, protected persons, temporary residents meeting specific criteria, or those registered under the Indian Act. Benefit recalculations occur annually based on adjusted family net income, with indexation to inflation.
Payment Date: July 10, 2024
Advanced Canada Workers Benefit
The Canada Workers Benefit (CWB) is a refundable tax credit to help low-income individuals and families. It has two parts: a basic amount and a disability supplement. You can claim the CWB when you file your income tax return. If entitled, you will receive advance payments of up to 50% of the CWB through the Advanced Canada Workers Benefit (ACWB), issued automatically in three payments. This initiative aims to provide more financial support to workers to help with the rising cost of living.
Payment Date: July 12, 2024
Veteran Disability Pension
The Veteran Disability Pension is a tax-free benefit providing financial assistance based on the degree and severity of your condition's connection to your service, according to the Canada Revenue Agency. Eligibility includes Canadian Armed Forces members or Veterans, current or former RCMP members, Second World War or Korean War Veterans, and certain civilians who served in the Second World War.
Canadians can apply if they have a diagnosed condition linked to their service; if qualified, they may receive pain and suffering compensation or a disability pension, with potential increases for dependents. Applications can be submitted online via My VAC Account or by mail.
Payment Date: July 30, 2024
Canada Carbon Rebate
According to the Canada Revenue Agency, the Canada Carbon Rebate, formerly the Climate Action Incentive Payment, is a tax-free payment to help individuals and families mitigate the cost of federal pollution pricing. It includes a basic amount and a supplement for residents of small and rural communities.
To qualify, you must be a resident of Canada in the month before the payment and live in one of these provinces: Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, or Saskatchewan.
Payment Date: July 15, 2024