These Federal Benefits Are Paying Out In February & You Could Get Hundreds Of Dollars
Payments are going out throughout the month! 💸
Pile of Canadian money, including $20, $50 and $100 bills.
A few monthly payments from federal benefits are going out to Canadians across the country in February.
So, you could get hundreds of dollars into your bank account from the government this month!
That includes money for the Canada Child Benefit, the Canada Pension Plan, and more.
Here are the benefits that are paying out this month, when the payment dates are, and how much money you could receive.
Canada Pension Plan
The Canada Pension Plan (CPP) is a monthly, taxable benefit that replaces part of your income when you retire.
If you qualify, you’ll receive the CPP retirement pension money for the rest of your life.
To qualify for the CPP, you must:
- be at least 60 years old
- have made at least one valid contribution to the CPP
For 2024, the maximum monthly CPP amount you could receive if you start your pension at age 65 is $1,364.60.
Your situation will determine how much you'll receive up to the monthly maximum.
That includes the age you started your pension, how much and for how long you contributed to the CPP, your average earnings throughout your working life, and more.
The CPP payment date this month is Tuesday, February 27, 2024.
Old Age Security
The Old Age Security (OAS) pension is a monthly payment that you can get if you're 65 years of age and older.
Service Canada is typically able to automatically enroll you for the OAS pension if sufficient information is available. You'll be informed if you've been automatically enrolled.
If you didn't receive a letter about the OAS pension the month after you turned 64 years old, you may need to apply for the OAS pension.
You can receive OAS even if you've never worked or are still working.
The maximum monthly payment amount is $713.34 for people 65 to 74 and $784.67 for people 75 and over.
The OAS payment date is Tuesday, February 27, 2024.
Canada Child Benefit
If you're a parent, the Canada Child Benefit is a tax-free monthly payment to help with the cost of raising children under 18 years old.
The maximum Canada Child Benefit payment is $619.75 per month for each child under six years of age and $522.91 per month for each child from 6 to 17 years old.
You get the maximum amount for each child if your adjusted family net income is under $34,863.
So, you could receive hundreds of dollars from the benefit this month!
Payments gradually start decreasing when your adjusted family net income is more than $34,863.
The CCB payment date is Tuesday, February 20, 2024
However, if your total benefit amount for the year is less than $240 you won't receive a monthly payment.
You'll get a lump sum payment on the July payment date instead.
Veteran disability pension
Canada's veteran disability pension is a tax-free, financial payment to support the well-being of veterans.
How much money you receive depends on the degree to which your condition is related to your service and the severity of your condition, including its impact on your quality of life.
The disability pension monthly rates are $3,357.30, $2,685.84, $1,846.52, $1,007.19 and $167.87 — depending on your class.
If you have a spouse and children, additional amounts are paid out monthly as well.
Those monthly rates are from $41.97 to $839.33 for a spouse and $12.59 to $436.45 for children.
The veteran disability pension payment date is Wednesday, February 28, 2024.
Also, two provincial benefits that are legislated and funded by the provinces but administered by the Canada Revenue Agency are being paid out this month.
The payment date of the Ontario trillium benefit — which is the combined payment of the Ontario energy and property tax credit, Northern Ontario energy credit, and Ontario sales tax credit — is Friday, February 9, 2024.
Then, the Alberta child and family benefit — a tax-free amount paid to families that have children under 18 years old — is going out separately from the CCB payment in February. The payment date is Tuesday, February 27, 2024.
You could receive $117.50 per month for your first child and $58.75 per month for any additional children you have.
This article's cover image was used for illustrative purposes only.