The Canadian government has announced increases to several key benefit programs for 2024-2025, aiming to provide greater financial support to individuals and families across the country.
These enhanced payments come at a crucial time as many Canadians continue to face rising costs of living.
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Overview of Key Benefit Increases
Maximizing Your Canadian Benefits: 2024 Updates to CCB, GST/HST Credit, CWB, OAS, and GIS Explained
Several major federal benefit programs will see payment increases starting in July 2024:
- Canada Child Benefit (CCB): Maximum annual amounts increasing to $7,787 per child under 6 and $6,570 per child aged 6-17
- Goods and Services Tax/Harmonized Sales Tax (GST/HST) Credit: Maximum annual amounts rising to $519 for individuals and $680 for couples
- Canada Workers Benefit: Maximum benefit increasing to $1,518 for single individuals and $2,616 for families
- Old Age Security (OAS): Maximum monthly payment increasing to $707.69 for seniors aged 65-74
- Guaranteed Income Supplement (GIS): Maximum monthly payment rising to $1,026.96 for single seniors
Let’s examine each of these key programs in more detail.
Canada Child Benefit (CCB)
The Canada Child Benefit is a tax-free monthly payment to eligible families to help with the costs of raising children under 18.
What’s New for 2024-2025
For the July 2024 to June 2025 benefit year, the maximum annual CCB amounts are increasing:
- Children under 6: $7,787 per child (up from $7,437)
- Children aged 6-17: $6,570 per child (up from $6,275)
This represents an increase of about 4.7% from the previous year.
Eligibility
To be eligible for the CCB, you must:
- Live with the child and be primarily responsible for their care
- Be a resident of Canada for tax purposes
- Be (or have a spouse/partner who is) a Canadian citizen, permanent resident, protected person, or temporary resident who has lived in Canada for the previous 18 months
How to Apply
If you already receive CCB payments, you don’t need to reapply. Your benefits will automatically be recalculated in July based on your 2023 tax return.
New applicants can apply for the CCB in one of these ways:
- When you register the birth of your newborn
- Through your CRA My Account
- By mail using Form RC66, Canada Child Benefits Application
Apply for the Canada Child Benefit
Payment Dates
CCB payments are issued monthly around the 20th. Here are the upcoming payment dates for 2024:
- July 19, 2024
- August 20, 2024
- September 20, 2024
- October 18, 2024
- November 20, 2024
- December 13, 2024
GST/HST Credit
The GST/HST credit is a tax-free quarterly payment that helps individuals and families with low to moderate incomes offset the GST or HST they pay.
What’s New for 2024-2025
Maximum annual credit amounts are increasing:
- $519 for single individuals (up from $496)
- $680 for married or common-law couples (up from $650)
- $680 for single parents (up from $650)
- $142 for each child under 19 (up from $136)
Eligibility
You’re eligible for the GST/HST credit if you’re a resident of Canada and at least one of the following applies:
- You’re 19 years of age or older
- You have (or had) a spouse or common-law partner
- You’re (or were) a parent and live (or lived) with your child
How to Apply
You don’t need to apply separately for the GST/HST credit. The CRA will automatically determine your eligibility when you file your income tax return.
Payment Dates
GST/HST credit payments are issued quarterly. The upcoming payment dates for 2024 are:
- July 5, 2024
- October 4, 2024
- January 3, 2025
- April 4, 2025
Canada Workers Benefit (CWB)
The Canada Workers Benefit is a refundable tax credit that supplements the earnings of low-income workers.
What’s New for 2024
The maximum benefit amounts are increasing:
- $1,518 for single individuals without children (up from $1,428)
- $2,616 for families (up from $2,461)
Eligibility
To be eligible for the CWB, you must:
- Be 19 years of age or older on December 31
- Be a resident of Canada throughout the year
- Have working income of at least $3,000
- Not be enrolled as a full-time student for more than 13 weeks in the year
How to Apply
You can claim the CWB when you file your income tax return. Use Schedule 6 to calculate your benefit amount.Learn more about the Canada Workers Benefit
Payment Dates
The CWB is typically paid as a lump sum after you file your tax return. However, you can apply to receive up to half of your estimated CWB in advance quarterly payments. The 2024 advance payment dates are:
- July 12, 2024
- October 11, 2024
- January 10, 2025
- April 11, 2025
Old Age Security (OAS)
Old Age Security is a monthly payment available to seniors aged 65 and older who meet Canadian legal status and residence requirements.
What’s New for 2024
The maximum monthly OAS payment is increasing to:
- $707.69 for seniors aged 65-74
- $778.46 for seniors aged 75 and over
These amounts are up from $687.56 and $756.32 respectively in 2023.
Eligibility
To be eligible for OAS, you must:
- Be 65 years of age or older
- Be a Canadian citizen or legal resident at the time your OAS application is approved
- Have resided in Canada for at least 10 years since age 18
How to Apply
You may be automatically enrolled for OAS if you meet certain criteria. If not, you can apply online through your My Service Canada Account or by mail using Form ISP-3550.Apply for Old Age Security
Payment Dates
OAS payments are issued monthly. The 2024 payment dates are:
- January 29, 2024
- February 27, 2024
- March 27, 2024
- April 26, 2024
- May 29, 2024
- June 26, 2024
- July 29, 2024
- August 28, 2024
- September 25, 2024
- October 29, 2024
- November 27, 2024
- December 20, 2024
Guaranteed Income Supplement (GIS)
The Guaranteed Income Supplement provides a monthly non-taxable benefit to Old Age Security pension recipients who have low income.
What’s New for 2024
The maximum monthly GIS payment is increasing to:
- $1,026.96 for single seniors
- $619.36 for seniors whose spouse/partner receives OAS
- $1,026.96 for seniors whose spouse/partner does not receive OAS
These amounts are up from $995.99, $600.85, and $995.99 respectively in 2023.
Eligibility
To be eligible for the GIS, you must:
- Be receiving the Old Age Security pension
- Be living in Canada
- Have an annual income below the maximum annual threshold
How to Apply
If you’re already receiving OAS, you may be automatically enrolled for GIS. If not, you can apply online through your My Service Canada Account or by mail using Form ISP-3550.Apply for the Guaranteed Income Supplement
Payment Dates
GIS payments are issued monthly along with OAS payments. Refer to the OAS payment dates listed above.
Other Important Benefit Programs
While not seeing significant increases in 2024, these additional programs provide important support to many Canadians:
Canada Pension Plan (CPP)
The Canada Pension Plan provides contributors and their families with partial replacement of earnings in the case of retirement, disability, or death.Learn about CPP benefits and how to apply
Employment Insurance (EI)
Employment Insurance provides temporary financial assistance to unemployed Canadians while they look for work or upgrade their skills.Check EI eligibility and apply online
Canada Workers Lockdown Benefit (CWLB)
This benefit provides $300 per week to eligible workers who are unable to work due to a COVID-19 lockdown.See if you qualify for the CWLB
How to Ensure You Receive Your Benefits
To make sure you receive all the benefits you’re entitled to:
- File your taxes on time: Most benefits require you to file an income tax return to determine eligibility.
- Keep your information up to date: Report any changes in your personal information or circumstances to the CRA.
- Sign up for direct deposit: This is the fastest and most secure way to receive benefit payments.
- Check your CRA My Account: Review your account regularly for important notices and benefit information.
- Set up online mail: Opt to receive CRA correspondence electronically for faster communication.
Frequently Asked Questions
Q: Do I need to apply for benefit increases?
A: In most cases, no. If you’re already receiving a benefit, your payments will be automatically recalculated based on your latest tax return information.
Q: How can I check the status of my benefit applications or payments?
A: The easiest way is to log in to your CRA My Account. You can view benefit amounts, payment dates, and the status of any applications.
Conclusion
The increased benefit payments for 2024-2025 reflect the Canadian government’s commitment to supporting individuals and families as they navigate economic challenges.
By understanding these changes and how to access various benefits, you can ensure you’re receiving the financial support you’re entitled to.Remember to file your taxes on time, keep your information up to date with the CRA, and regularly check your CRA My Account for the latest benefit information.
If you have any questions about your specific situation, don’t hesitate to contact the CRA directly for personalized assistance.
By staying informed and proactive, you can make the most of these increased benefit programs and strengthen your financial well-being in the coming year.
