Managing your finances becomes easier when you know the exact dates for upcoming benefit payments from the Canada Revenue Agency (CRA). October 2024 includes several important benefits like the Ontario Trillium Benefit (OTB), Canada Pension Plan (CPP), Goods and Services Tax (GST), Old Age Security (OAS), and the Climate Action Incentive Payment (CAIP).
Here’s a breakdown of when these payments will be made, how much you could receive, and the eligibility criteria for each.
1. Ontario Trillium Benefit (OTB) – October 10, 2024
The OTB is a provincial benefit for Ontario residents aimed at helping with property taxes, energy costs, and sales tax. It combines three credits: the Ontario Energy and Property Tax Credit, Northern Ontario Energy Credit, and the Ontario Sales Tax Credit.
- Payment Date: October 10, 2024
- Amount: Up to $1,421 annually (varies based on income and other factors)
- Eligibility: Must be an Ontario resident, at least 18 years old, and have paid rent or property taxes in 2023.
2. Canada Pension Plan (CPP) – October 29, 2024
The CPP provides monthly payments to retirees who have contributed to the plan during their working years. CPP also includes disability and survivor benefits.
- Payment Date: October 29, 2024
- Amount: Up to $1,364.60 per month, depending on your contributions
- Eligibility: Canadians aged 60+ who have made valid contributions to CPP.
3. Goods and Services Tax (GST)/Harmonized Sales Tax (HST) Credit – October 4, 2024
The GST/HST credit is designed to help low- and moderate-income families and individuals offset the GST/HST they’ve paid throughout the year.
- Payment Date: October 4, 2024
- Amount: Up to $519 for single individuals, $680 for couples, and $179 per child under 19
- Eligibility: Based on income. Automatically applied if you file your income tax return.
4. Old Age Security (OAS) – October 29, 2024
OAS is a monthly payment for seniors aged 65 and older. The amount you receive depends on your age and how long you have lived in Canada.
- Payment Date: October 29, 2024
- Amount: Up to $727.67 for ages 65-74, and $800.44 for those aged 75+
- Eligibility: Canadians aged 65+, who have lived in Canada for at least 10 years after turning 18.
5. Climate Action Incentive Payment (CAIP) – October 15, 2024
The CAIP helps Canadians cope with the increased cost of living due to federal carbon pricing. Payments are made quarterly.
- Payment Date: October 15, 2024
- Amount: Varies by province. For example, a family of four in Ontario could receive $745 annually.
- Eligibility: Must reside in a participating province and file your tax return.
Key Benefit Payment Dates for October 2024
| Benefit | Payment Date | Amount | Eligibility |
|---|---|---|---|
| Ontario Trillium Benefit (OTB) | October 10, 2024 | Up to $1,421 annually | Ontario residents, income-based, age 18+ |
| Canada Pension Plan (CPP) | October 29, 2024 | Up to $1,364.60/month | Canadians aged 60+ with valid CPP contributions |
| GST/HST Credit | October 4, 2024 | Up to $519 (single), $680 (couple), $179/child | Low- to middle-income Canadians who filed a tax return |
| Old Age Security (OAS) | October 29, 2024 | Up to $800.44/month (75+) | Canadians aged 65+ |
| Climate Action Incentive Payment | October 15, 2024 | Varies by province, e.g., $244 for Ontario residents | Canadian residents in provinces subject to federal carbon pricing |
FAQs
- What happens if I don’t receive my payment on time?
You should wait at least 10 business days before contacting the CRA if you don’t receive your payment by the expected date. - Do I need to apply for these benefits?
Most benefits, like GST/HST credits and OTB, are automatically applied if you file your taxes. However, for CPP, you need to apply once you’re ready to start receiving benefits. - Are these benefits taxable?
Some benefits, like CPP and OAS, are taxable, while others like GST/HST credits are not. - How can I track my payments?
You can track your payments via the CRA’s My Account portal or mobile app. - What if my financial situation changes?
It’s important to update your information with the CRA to ensure you receive the correct amount, especially if there are significant changes in your income or residency status.
