Canada Pension Payment Dates 2024 – Cpp Max Pension Plan, OAS Increase

Canada Pension Payment Dates 2024 – Cpp Max Pension Plan, OAS Increase Date, Beneficiary. Old Age Security (OAS) pension amounts 2024. Check canada pension plan, old age pension canada, cpp payment dates for 2024, old age pension payment dates 2024. how much is old age pension in canada

Canada Pension Payment Dates 2024

Understanding the Canada Pension Plan (CPP) payment dates is essential for retirees who rely on it as a source of retirement income. CPP disburses monthly payments to eligible recipients, and these payments occur on specific dates throughout the year. Knowing these dates enables retirees to effectively manage their finances, budget for expenses, and maintain financial stability.

The CPP payment schedule is predetermined, providing beneficiaries with foresight into their income and allowing them to plan their financial activities accordingly. This comprehensive guide emphasises the significance of the CPP payment dates for 2024, equipping retirees with the essential knowledge to navigate their financial planning confidently and efficiently.

CPP Retirement pension :

The retirement pension offered by the Canada Pension Plan (CPP) is a monthly benefit that is subject to taxation, aiming to supplement ones income during retirement. Upon meeting eligibility criteria, one can become entitled to receive the CPP retirement pension, which continues throughout their lifetime.

To be eligible for a Canada Pension Plan (CPP) retirement pension :

• Attain a minimum age of 60 years.
• Have made at least one valid contribution to the CPP.
• Valid contributions can stem from employment in Canada or from credits received due to a former spouse or former common-law partner at the conclusion of the relationship.

Monthly payment dates – 2024 :

January 29, 2024	July 29, 2024
February 27, 2024	August 28, 2024
March 26, 2024	September 25, 2024
April 26, 2024	October 29, 2024
May 29, 2024	November 27, 2024
June 26, 2024	December 20, 2024

 

1. Working while receiving CPP retirement pension does not reduce the pension amount.
2. You may increase your pension through the CPP post-retirement benefit by continuing to work.
3. Contributions made to CPP while working under age 70 result in a post-retirement benefit, enhancing retirement income.
4. The post-retirement benefit is automatically paid the following year and continues for life.
5. You have the option to cease post-retirement contributions at age 65.
6. CPP contributions stop at age 70, regardless of continued employment.
7. For individuals who lived and worked in Quebec, CPP and QPP collaborate to ensure all contributors receive a retirement pension.
8. Contact Retraite Québec if you exclusively worked in Quebec, worked in Quebec and another province/territory while residing in Quebec, or previously lived in Quebec but currently reside outside Canada.
9. If you’ve resided and worked in both Canada and another country, you might be eligible to receive both a CPP retirement pension and a pension from the other country.
10. If you pass away before applying for your CPP retirement pension and you’re under 70, the pension cannot be allocated to another individual.

Old Age Security :

• The Old Age Security (OAS) pension is a monthly payment available to individuals aged 65 and older.
• In many instances, Service Canada will automatically enroll you for the OAS pension if they have enough information on file. You will be notified by Service Canada if you have been automatically enrolled.
• If you did not receive any correspondence regarding the OAS pension the month following your 64th birthday, you may need to submit an application for the OAS pension.

Monthly payment dates – 2024 :

January 29, 2024	July 29, 2024
February 27, 2024	August 28, 2024
March 26, 2024	September 25, 2024
April 26, 2024	October 29, 2024
May 29, 2024	November 27, 2024
June 26, 2024	December 20, 2024

Qualification Criteria for Old Age Security (OAS) Pension :

• Employment history is not considered for eligibility.
• Eligibility extends to individuals who have never worked or are still working.
• In Canada:
  a. Age requirement: 65 years or older.
  b. Citizenship or legal residency at the time of application approval.
  c. Residence in Canada for at least 10 years since the age of 18.
• Outside Canada:
  a. Age requirement: 65 years or older.
  b. Canadian citizenship or legal residency on the day prior to departure from Canada.
  c. Residence in Canada for at least 20 years since the age of 18.

Special Considerations for Canadians Working Abroad : 

• Canadians employed abroad for Canadian entities (e.g., Canadian Armed Forces, banks) may count time spent working abroad as residence in Canada.
• Conditions for qualifying this time:
  a. Return to Canada within 6 months of ending employment.
  b. Turned 65 while still employed and maintained residence in Canada during time spent abroad.
• Documentation required:
  a. Proof of employment from the employer.
  b. Proof of physical return to Canada (unless turned 65 while still employed abroad).

Other Qualification Scenarios :

• Spouses, common-law partners, dependents, and Canadians working abroad for international organisations may also count time spent abroad as residence in Canada under certain conditions.
• Individuals may still qualify for OAS pension, pensions from other countries, or both if they have:
• Lived in a country with which Canada has a social security agreement.
• Contributed to the social security system of a country with which Canada has a social security agreement.

GST/HST credit :

Eligibility Criteria for GST/HST Credit :

• At least 19 years old.
• If under 19, must meet specific conditions during the same period.
• Conditions for Individuals Under 19:

a. Must meet at least one of the following:
b. Have (or had) a spouse or common-law partner.
c. Be (or were) a parent living (or lived) with their child.

Residency Requirement : Must be a Canadian resident for income tax purposes during:

• The month before the CRA makes a payment.
• The beginning of the month the CRA makes a payment.

Shared Custody Situations :

• Parents in shared custody situations may be eligible for half of the GST/HST credit for the child.
• Applies to related provincial and territorial credits as well.

Exclusion for Child Welfare Agency Responsibility : If a child welfare agency is legally, physically, or financially responsible for a child, the individual is generally not eligible for the GST/HST credit for that child.

Support for Victims of Abuse or Violence :

• Individuals leaving abusive or violent situations can receive benefit and credit payments safely.
• Refer to Getting benefits and credits when in an abusive or violent situation for assistance.

Steps to Apply as a New Resident of Canada :

1. Fill out Form RC151, GST/HST Credit and Canada Carbon Rebate Application for Individuals Who Become Residents of Canada, including registering any children in your care.

2. Mail the completed form to your tax center.

Monthly payment dates – 2024 :

• January 5, 2024
• April 5, 2024
• July 5, 2024
• October 4, 2024

Canada child benefit :

• Eligibility for the Canada Child Benefit:
• Child under 18 years old. Primary responsibility for care and upbringing.
• Resident of Canada for tax purposes.
• Qualifying Individuals: Canadian citizen, permanent resident, protected person, temporary resident meeting specific criteria, or registered under the Indian Act.
• Exclusions: Foster children eligible for Children’s Special Allowances (CSA) cannot receive CCB. Exceptions for children under kinship or close relationship programs, provided CSA isn’t payable.
• Determining Primary Caregiver: Responsibilities : Daily supervision and care, Ensuring medical needs are met, Arranging child care when necessary.
• Presumption for Female Parent: When female parent resides with the child : Presumed primarily responsible for care. Should apply for CCB.
• Exceptions : Other parent can apply with a signed letter from the female parent acknowledging primary responsibility.
• Same-sex Parents : Only one parent applies for all children in the household.
• Child Custody Considerations : Shared custody arrangements impact benefit eligibility. Determine shared custody status for partial-time residency.

When to Apply for the Canada Child Benefit (CCB) : 

• Apply when any of these situations occur:
• Child is born.
• Child starts living with you or returns after a temporary period elsewhere.
• Commence, end, or modify a shared custody arrangement.
• Obtain custody of a child.
• Meet eligibility conditions outlined in “Who can apply”.

Monthly payment dates – 2024 :

January 19, 2024	July 19, 2024
February 20, 2024	August 20, 2024
March 20, 2024	September 20, 2024
April 19, 2024	October 18, 2024
May 17, 2024	November 20, 2024
June 20, 2024	December 13, 2024

Ontario trillium benefit (OTB) :

Combines Ontario Energy and Property Tax Credit, Northern Ontario Energy Credit, and Ontario Sales Tax Credit. Annual entitlement typically divided into 12 monthly payments. Payments based on 2023 income tax and benefit return. Administered by CRA on behalf of the Province of Ontario.

Monthly payment dates – 2024 :

January 10, 2024	July 10, 2024
February 9, 2024	August 9, 2024
March 8, 2024	September 10, 2024
April 10, 2024	October 10, 2024
May 10, 2024	November 8, 2024
June 10, 2024	December 10, 2024

Special Cases :

• If annual entitlement exceeds $360 and chose to wait, issued in one payment on June 10, 2025.
• If annual entitlement is $360 or less, issued in one lump-sum payment in the first payment month (usually July).
• For late-assessed 2023 returns after June 20, 2024, refer to question 5 for payment timing.

Canada Workers Benefit :

1. For married or common-law spouses, only one spouse receives advanced payments for the family.
2. When neither spouse is entitled to a disability supplement:
3. The spouse with the higher working income receives the basic advanced payment amount.
4. If both spouses have the same working income, the first filer receives the basic advanced payment amount.
5. When one or both spouses are entitled to receive the disability supplement:
6. The person with the disability receives the basic advanced payment amount for the family and their disability supplement payment.
7. If both spouses are eligible for advanced payments and the disability tax credit, one spouse receives the basic amount for the family, while each receives their disability supplement.

Monthly payment dates – 2024 :

• January 12, 2024
• July 12, 2024
• October 11, 2024

Eligibility Changes for Advanced Payments :

i. Ineligibility for remaining advanced payments occurs if incarcerated for 90 consecutive days or more, or emigrated from Canada.
ii. Deceased individuals are ineligible for advanced payments if deceased before July 1 of the benefit year.
iii. Eligibility changes during a quarter do not affect advanced payment amounts for the current quarter.

Alberta child and family benefit :

Eligibility and Payment Amounts:

• Tax-free benefit for families with children under 18 years old.
• Entitlement for July 2023 to June 2024:
• $1,410 ($117.50 per month) for the first child.
• $705 ($58.75 per month) for the second, third, and fourth child.
• Benefit reduces as family income exceeds $25,935, with partial benefit available for incomes up to $43,460.

Working Income Component:

• Families with working income over $2,760 may receive additional:
• $722 ($60.16 per month) for the first child.
• $657 ($54.75 per month) for the second child.
• $393 ($32.75 per month) for the third child.
• $130 ($10.83 per month) for the fourth child.
• Reduction if adjusted family net income exceeds $43,460.

Payment Schedule 2024 :

• February 27, 2024
• May 27, 2024
• August 27, 2024
• November 27, 2024

Veteran Disability Pension :

Qualifications for Disability Benefit :

• Canadian Armed Forces member or Veteran,
• Current or former member of the Royal Canadian Mounted Police (RCMP),
• Second World War or Korean War Veteran (includes Merchant Navy), or
• Certain civilians who served in the Second World War.

Application Criteria :

• Diagnosed with a medical condition or disability.
• Able to demonstrate the condition’s relation to your service.

Benefits Offered :

• Pain and Suffering Compensation
• Lifetime monthly benefit or lump sum benefit.
• Choice between options.
• Disability Pension
• Lifetime monthly benefit.
• Increased amount if dependents (e.g., spouse, common-law partner, and/or children) are present.

Monthly payment dates – 2024 :

January 30, 2024	July 30, 2024
February 28, 2024	August 29, 2024
March 27, 2024	September 26, 2024
April 29, 2024	October 30, 2024
May 30, 2024	November 28, 2024
June 27, 2024	December 23, 2024

 

Canada Carbon Rebate (CCR) :

Eligibility for Canada Child Benefit (CCR):

Residency Requirements:

• Must be a resident of Canada in the month preceding the payment.
• Must reside in an applicable CCR province on the first day of the payment month:
  a. Alberta
  b. Manitoba
  c. New Brunswick
  d. Newfoundland and Labrador
  e. Nova Scotia
  f. Ontario
  g. Prince Edward Island
  h. Saskatchewan

Monthly payment dates – 2024 :

• January 15, 2024
• April 15, 2024
• July 15, 2024
• October 15, 2024

Age Criteria:

• Must be at least 19 years old in the month preceding the CRA’s payment.
• If under 19, must meet at least one of the following conditions:
• Have or had a spouse or common-law partner.
• Be or were a parent and live(d) with your child.

Child Eligibility:

• Child must be under 19 years old.
•  Child must reside with you.
• You must be primarily responsible for the child’s care and upbringing.
• Child must be registered for the CCR, CCB, or GST/HST credit.

Registration Process: If child is not already registered for CCB or GST/HST credit, register them for CCR using RC66 Canada Child Benefits Application.

CPP Pension Plan 2025