Personal Finance

Canadians are Eligible for Payments from these Federal & Provincial Benefits in February 2024

The Canadian government is expanding its support in February 2024 by offering a range of federal benefits and credits to eligible citizens.

This initiative aims to offer essential financial aid to Canadians, especially those with lower incomes, who are grappling with the increasing cost of living throughout the country.

Given the rise in expenses such as rent, groceries, and daily necessities, it is crucial to confirm your eligibility for these government financial programs.

By doing so, you may be eligible for hundreds of dollars in assistance throughout the month.

Payment Dates of Federal & Provincial Benefits in February 2024

Here, are the payment dates of Govt. benefits that Canadians can receive in February 2024.

Federal BenefitsPayment Dates
Canada Pension Plan (CPP)February 27, 2024
Old Age Security (OAS)February 27, 2024
Canada Child Benefit February 20, 2024
Ontario Trillium Benefit (OTB)February 09, 2024
Alberta Child & Family Benefit February 27, 2024
Veteran Disability Pension February 28, 2024

Canada Pension Plan (CPP)

The Canada Pension Plan (CPP) serves as a monthly, taxable benefit intended to enhance your income in retirement, according to the Canada Revenue Agency.

In the year 2024, if you decide to start your pension at the age of 65, the top monthly payout is projected to reach $1,364.60, as outlined by the CRA.

As of October 2023, the standard monthly payment for a newly initiated retirement pension at age 65 was $758.32. The precise amount you receive, up to the maximum, will be influenced by your unique circumstances.

Obtain a projection of your monthly CPP retirement pension benefits by logging into your My Service Canada Account.

Those who meet the eligibility criteria will receive this pension throughout their lifetimes. To qualify for the CPP retirement pension, you must:

  1. Be at least 60 years old.
  2. Have made at least one valid contribution to the CPP.

Valid contributions may result from employment in Canada or be credited through arrangements with a former spouse or common-law partner following the conclusion of the relationship.

Old Age Security

The Old Age Security (OAS) pension provides a monthly payment for individuals aged 65 and older, as per the CRA.

In most cases, Service Canada will automatically enroll you for the OAS pension if sufficient information is available, and successful enrollment will be communicated to you.

If you haven’t received a letter about the OAS pension the month after turning 64, you may need to apply for it.

Eligibility is not contingent on your employment history, and you can receive the OAS pension regardless of whether you have never worked or are still working.

For residents in Canada, the eligibility criteria include:

  1. Being 65 years old or older.
  2. Being a Canadian citizen or a legal resident at the time of OAS pension approval.
  3. Resided in Canada for at least 10 years since the age of 18.

For those living outside Canada, the eligibility criteria are:

  1. Being 65 years old or older.
  2. Having been a Canadian citizen or a legal resident of Canada on the day before leaving Canada.
  3. Resided in Canada for at least 20 years since the age of 18.

Canada Child Benefit

The Canada Child Benefit (CCB), according to the Canada Revenue Agency, is a tax-free monthly payment provided to eligible families to assist with the expenses associated with raising children under the age of 18.

The CCB may include the child disability benefit along with relevant provincial and territorial programs.

To qualify, you must meet the following conditions:

  1. Reside with a child under the age of 18.
  2. Be primarily responsible for the child’s care and upbringing.
  3. Be a resident of Canada for tax purposes.
  4. Either you, your spouse, or your common-law partner must be one of the following:
    • A Canadian citizen.
    • A permanent resident.
    • A protected person.
    • A temporary resident who has lived in Canada for the previous 18 months and holds a valid permit in the 19th month, excluding those stating “does not confer status” or “does not confer temporary resident status.”
    • An individual registered or entitled to be registered under the Indian Act.

Ontario Trillium Benefit

The Ontario Trillium Benefit (OTB) is a consolidated payment encompassing the Ontario Energy and Property Tax Credit, the Northern Ontario Energy Credit, and the Ontario Sales Tax Credit.

Typically, the annual OTB entitlement is divided by 12, and monthly payments are issued. Your 2024 OTB payments are calculated based on the information from your 2023 income tax and benefit return.

Per the CRA, the Alberta Child and Family Benefit (ACFB) is a tax-free payment provided to families with children under 18 years of age.

From July 2023 to June 2024, eligible recipients may receive the following amounts:

  • $1,410 ($117.50 per month) for the first child
  • $705 ($58.75 per month) for the second child
  • $705 ($58.75 per month) for the third child

The benefit is subject to reduction as family income exceeds $25,935. If your adjusted family net income falls within the range of $25,935 to $43,460, you may qualify for a partial benefit.

Moreover, families with a working income exceeding $2,760 may be eligible for the working income component.

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Veteran Disability Pension

A disability benefit constitutes a tax-free financial payment aimed at supporting your well-being, per the CRA.

The amount you receive is contingent upon the degree to which your condition is connected to your service (entitlement) and the severity of the condition, including its impact on your quality of life (assessment).

To be eligible for a disability benefit, you must fall into one of the following categories:

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

It is advisable to apply for a disability benefit if you:

  • Have a diagnosed medical condition or disability, and
  • Can demonstrate that the condition is related to your service.