6 federal benefits you can get money from in May if you live in Toronto
Hundreds of dollars are being paid out this month! 🤑
Canadian money.
There are a few federal benefits — and a provincial one too — paying money to eligible individuals in May.
If you live in Toronto or somewhere else in Ontario, you could get hundreds of dollars this month from the benefits.
That includes the Canada Carbon Rebate, Canada Child Benefit, and more.
So, here's what you need to know about benefits that are paying out in May, including how much you can get and when you'll get money.
Canada Carbon Rebate
The Canada Carbon Rebate — formerly the climate action incentive payment — is a tax-free amount to help offset the cost of federal pollution pricing.
For Ontario residents, the quarterly Canada Carbon Rebate payment is:
- $140 for an individual
- $70 for a spouse or common-law partner
- $35 per eligible child under the age of 19
- $70 for the first eligible child in a single-parent family
Canada Carbon Rebate payments were sent out on April 15, 2024 but not everyone who is eligible to receive money actually got a payment that day.
That's because this federal benefit depends on you filing your tax return.
According to the Canada Revenue Agency, you wouldn't have gotten your Canada Carbon Rebate payment on time if you filed your taxes after March 15, 2024.
Canada Carbon Rebates are expected to be sent out six to eight weeks after your tax return has been assessed by the CRA.
So, if you filed your taxes at the end of March, you should be getting your Canada Carbon Rebate payment in the first few weeks of May.
If you filed in April, you'll probably receive the payment by cheque or direct deposit near the end of the month.
Ontario Trillium Benefit
The Ontario Trillium Benefit is the combined payment of the Ontario energy and property tax credit, the Northern Ontario energy credit, and the Ontario sales tax credit.
Your annual Ontario Trillium Benefit entitlement is usually divided by 12 and then issued monthly.
Payments are based on your income tax and benefit return.
While the Ontario Trillium Benefit program is legislated and funded by Ontario's provincial government, it is administered by the CRA.
If you're eligible, you can expect to receive a payment on Friday, May 10, 2024.
Canada Child Benefit
The Canada Child Benefit (CCB) is a tax-free monthly payment to help with the cost of raising children under 18 years old.
If your adjusted family net income is under $34,863, you get the maximum amount for each child. Your payments won't be reduced.
The maximum CCB payment for each child is:
- $619.75 per month if the child is under six years old
- $522.91 per month if the child is between 6 and 17 years old
The CCB payment date this month is Friday, May 17, 2024
Canada Pension Plan
The Canada Pension Plan (CPP) retirement pension is a monthly, taxable benefit that replaces part of your income when you retire.
The amount of your CPP retirement pension depends on different factors, including:
- the age you start your pension
- how much and for how long you contributed to the CPP
- your average earnings from work
For 2024, the maximum monthly CPP amount you could get if you start your pension at 65 is $1,364.60.
This month, the CPP payment date is Wednesday, May 29, 2024
Old Age Security
The Old Age Security (OAS) pension is a monthly payment you can get if you are 65 years of age and older.
The maximum monthly OAS payment amount if you're 65 to 74 is $713.34 and your annual net world income in 2022 must have been less than $134,626.
If you're 75 and older, the maximum monthly payment amount is $784.67 and your annual net world income in 2022 must have been less than $137,331.
The OAS payment date this month is Wednesday, May 29, 2024.
Veteran disability pension
Veteran disability pension is financial recognition for the impact a service-related injury or disease has on someone's life.
The amount of money you get from this pension depends on how your condition relates to your service and the severity of your condition, including the impact on your quality of life.
This month, the veteran disability pension payment date is Thursday, May 30, 2024.