Canadians can receive payments from several government benefits and credits this July
Check if you're eligible ASAP.
The exterior of a Government of Canada building. Right: A person holding various Canadian banknotes.
July is right around the corner and with a new month comes a slew of new Government of Canada benefits and credits.
It's best to verify if you are eligible to receive the benefits and credits being paid out this July, as you could be entitled to thousands of dollars from the federal government.
A handful of benefits the government is sending out this July include the Canada Pension Plan, Old Age Security, the GST/HST credit and the Canada Carbon Rebate, to name a few.
Here's everything you need to know about which benefits are being paid out, how much you can receive and when you'll receive the payment.
GST/HST credit
The GST/HST credit is a tax-free quarterly payment that assists individuals and families with low and modest incomes in offsetting the GST or HST they pay, and it may include payments from provincial and territorial programs. Eligibility is determined automatically when you file your taxes, per the CRA.
Generally, you are eligible if you are at least 19 years old, or if under 19, you have (or had) a spouse or common-law partner, or are (or were) a parent living with your child. Additionally, you must be a Canadian resident for income tax purposes during the month before and at the beginning of the month when the CRA makes a payment.
Payment Date: July 5, 2024
Ontario Trillium Benefit (OTB)
Per the Canada Revenue Agency, the Ontario Trillium Benefit combines the Ontario energy and property tax credit, the Northern Ontario energy credit, and the Ontario sales tax credit into a single payment.
The annual OTB entitlement is typically divided into 12 monthly payments, issued on the 10th of each month, starting in July 2024, based on your 2023 income tax and benefit return. This program is legislated and funded by the Province of Ontario and administered by the CRA on the province's behalf.
Payment Date: July 10, 2024
Canada Workers Benefit (CWB)
The Canada Workers Benefit is a refundable tax credit for low-income individuals and families, consisting of a basic amount and a disability supplement, claimable when filing your tax return, according to the CRA.
Eligible individuals receive advance payments of up to 50% automatically in three installments under the Advanced Canada Workers Benefit (ACWB) program. Eligibility requires earning working income below the provincial/territorial threshold, Canadian residency throughout the year, and being at least 19 years old on December 31, or living with a spouse, common-law partner, or child.
The maximum basic amount is $1,518 for singles (phased out between $24,975 and $35,095 net income) and $2,616 for families (phased out between $28,494 and $45,934 net income), varying for residents of Quebec, Nunavut, and Alberta.
Payment Date: July 12, 2024
Canada Child Benefit (CCB)
The Canada Child Benefit is a tax-free monthly payment to eligible families to help with the cost of raising children under 18. It may include the child disability benefit and related provincial and territorial programs.
To qualify, you must live with and be primarily responsible for a child under 18, be a Canadian resident for tax purposes, and either you or your spouse/common-law partner must be a Canadian citizen, permanent resident, protected person, a temporary resident meeting specific conditions, or an individual registered under the Indian Act.
If your adjusted family net income is under $36,502, you receive the maximum benefit of $7,787 annually ($648.91 monthly) for each child under 6, and $6,570 annually ($547.50 monthly) for each child aged 6 to 17.
Payment Date: July 19, 2024
Old Age Security (OAS)
The Old Age Security pension is a monthly payment for those 65 and older. Service Canada often enrolls individuals automatically if sufficient information is available, notifying them accordingly. If you did not receive an enrollment letter after turning 64, you may need to apply.
Employment history does not affect eligibility; you can receive OAS whether you have worked or not. To qualify while living in Canada, you must be 65 or older, a Canadian citizen or legal resident when your application is approved, and have lived in Canada for at least 10 years since age 18.
If living outside Canada, you must be 65 or older, have been a Canadian citizen or legal resident before leaving Canada, and have lived in Canada for at least 20 years since age 18.
Payment Date: July 29, 2024
Canada Pension Plan (CPP)
The Canada Pension Plan retirement pension is a monthly, taxable benefit that replaces part of your income when you retire, and if you qualify, you'll receive it for the rest of your life, per the CRA.
To qualify, you must be at least 60 years old and have made at least one valid contribution to the CPP, either from work in Canada or by receiving credits from a former spouse or common-law partner after the end of the relationship.
For 2024, the maximum monthly amount you could receive if you start your pension at age 65 is $1,364.60. The average monthly amount paid for a new retirement pension (at age 65) in January 2024 was $831.92. Your situation will determine how much you’ll receive up to the maximum.
Payment Date: July 29, 2024
Veteran Disability Pension
The Veteran Disability Pension is a tax-free financial payment to support the well-being of Canadian veterans. The amount depends on how much your condition is related to your service (entitlement) and its severity, including its impact on your quality of life (assessment).
To qualify, you must be a Canadian Armed Forces member or Veteran, a current or former RCMP member, a Second World War or Korean War Veteran (including Merchant Navy), or a certain civilian who served in the Second World War.
You should apply if you have a diagnosed medical condition or disability and can show that it is related to your service.
Payment Date: July 30, 2024
This article's cover image was used for illustrative purposes only.
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