Federal benefits are paying out in June and Toronto residents can get hundreds of dollars
Some federal benefits are paying out in June and you could get hundreds of dollars.
If you live in Toronto — or anywhere else in Ontario — and are eligible to receive money, benefit payments are happening throughout the month.
These benefits include the Canada Child Benefit, Canada Pension Plan, Canada Carbon Rebate, and more.
Here are five federal benefits you can get in June along with what you need to know like payment dates and how much money you can receive.
Canada Carbon Rebate
The Canada Carbon Rebate (formerly the climate action incentive payment) is a tax-free amount paid out to help offset the cost of federal pollution pricing.
Even though the payment date was in April, this federal benefit is impacted by tax returns so filing late delays your payment.
According to the Canada Revenue Agency, Canada Carbon Rebate payments are expected to be sent out six to eight weeks after your tax return has been assessed.
If you filed your 2023 tax return late at the end of April or sometime in May, you should expect your Canada Carbon Rebate payment in June.
The base Canada Carbon Rebate payment amount for Ontario residents is:
- $140 for an individual
- $70 for a spouse or common-law partner
- $35 per eligible child under 19 years old
- $70 for the first eligible child in a single-parent family
There is also a rural supplement available to Ontarians in small and rural communities. That supplement is:
- $28 for an individual
- $14 for a spouse or common-law partner
- $7 per eligible child under 19 years old
- $14 for the first eligible child in a single-parent family
Canada Child Benefit
The Canada Child Benefit (CCB) is a tax-free monthly payment made to eligible families to help with the cost of raising children under 18 years of age.
CCB payments are based on:
- the number of children in your care
- the age of your children
- your adjusted family net income, as reported in last year's tax return
If your adjusted family net income is under $34,863, you get the maximum CCB amount for each child. It won't be reduced.
The maximum monthly CCB payment is $619.175 for each child under six years old and $522.91 for each child from 6 to 17 years old.
The CCB payment date this month is Thursday, June 20, 2024.
Canada Pension Plan
The Canada Pension Plan (CPP) retirement pension is a monthly, taxable benefit that replaces part of your income when you retire.
If you qualify, you will get the CPP for the rest of your life.
The amount of your CPP retirement pension depends on different factors, including:
- the age you decide to start your pension
- how much you contributed to the CPP
- how long you contributed to the CPP
- your average earnings throughout your working life
For 2024, the maximum monthly amount you could receive if you start your pension at age 65 is $1,364.60.
This month, the CPP payment date is Wednesday, June 26, 2024
Old Age Security
The Old Age Security (OAS) pension is a monthly payment you can get if you are 65 years and older.
With OAS, the maximum monthly payment amount is $713.34 if you're 65 to 74 years old or $784.67 if you're 75 and older.
The OAS payment date this month is Wednesday, June 26, 2024.
Veteran disability pension
Canada's veteran disability pension is financial recognition for the impact a service-related injury or disease has on someone's life.
The amount of money you get from this pension depends on how your condition relates to your service and the severity of your condition, including the impact on your quality of life.
You could get between $167.87 and $3,357.30 if you're single.
There are additional monthly amounts paid out with this pension if you have a spouse or children, ranging from $12.59 to $839.33.
This month, the veteran disability pension payment date is Thursday, June 27, 2024.
This article's cover image was used for illustrative purposes only.
