This November, Canadians can look forward to several CRA benefits aimed at supporting seniors, families, and low-income individuals. Here’s a detailed overview of five key benefits scheduled for November, including eligibility, amounts, and payment dates.
Table of Contents
1. Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) provides financial support to families raising children under the age of 18, helping with essential expenses like childcare, education, and other child-related costs.
- Eligibility: Parents or primary caregivers of children under 18 who are Canadian residents. Eligibility is determined based on household income and family size.
- Amount: The maximum annual amount for 2024 is $7,437 per child under six and $6,275 per child aged 6 to 17. Monthly payments vary according to adjusted family income.
- Payment Date: November 20, 2024.
2. Old Age Security (OAS) Pension
The Old Age Security (OAS) Pension is a monthly benefit available to Canadian seniors, providing income support to retirees. OAS payments are automatically indexed for inflation, ensuring recipients maintain their purchasing power.
- Eligibility: Available to Canadian residents aged 65 or older who have lived in Canada for at least 10 years since turning 18. Full benefits are granted to those with 40 years of residency in Canada.
- Amount: The maximum monthly payment for November 2024 is $718.33, with additional income available through the Guaranteed Income Supplement (GIS) for low-income seniors.
- Payment Date: November 27, 2024.
3. Guaranteed Income Supplement (GIS)
The Guaranteed Income Supplement (GIS) provides additional financial assistance to low-income seniors who already receive OAS. This supplement ensures seniors have a basic income level to meet their needs.
- Eligibility: Available to Canadian residents aged 65 or older who are already receiving OAS and have a low income. Income thresholds vary based on whether recipients are single, married, or in a common-law partnership.
- Amount: The monthly GIS payment can go up to $1,072.50 for single seniors, with variations based on household income. Payment amounts are recalculated quarterly based on income changes.
- Payment Date: November 27, 2024, along with the OAS payment.
OTB Payment Coming in November 2024: Amounts, and Eligibility Explained
CRA OTB Notice: What It Means and How to Respond
Ontario Residents Recieve 8 Benefits in November 2024: Amounts, Dates and Eligibility
CPP, OAS, and GIS: Eligibility for Canadian Retirement Benefits
BC Residents Receive 5 Benefits in November 2024: Check If You are Eligible
4. Canada Pension Plan (CPP) Retirement Pension
The Canada Pension Plan (CPP) Retirement Pension provides a monthly income for retired Canadians who contributed to CPP during their working years. This benefit helps cover retirement expenses and offers a stable source of income.
- Eligibility: Canadians who have contributed to CPP for at least one year and are aged 60 or older. The amount received is based on an individual’s contribution history, with a maximum benefit for those retiring at 65.
- Amount: The maximum monthly amount for a new CPP recipient aged 65 is approximately $1,306.57, with amounts adjusted based on contributions and age of collection.
- Payment Date: November 27, 2024.
5. Climate Action Incentive Payment (CAIP) – Quarterly Installment
The Climate Action Incentive Payment (CAIP) helps households offset costs associated with the federal carbon tax. For residents in participating provinces, this quarterly payment helps alleviate environmental cost impacts.
- Eligibility: Available to Canadian residents who file their taxes in provinces where the federal carbon tax applies (such as Alberta, Manitoba, Ontario, and Saskatchewan).
- Amount: Payments vary by province and family size. For example, a family of four in Ontario receives $976 annually, distributed quarterly.
- Payment Date: The next quarterly installment will be issued on November 15, 2024.
These November 2024 CRA benefits provide essential support to various groups across Canada, from seniors to families and retirees. To ensure timely receipt of your benefits, consider signing up for direct deposit and checking your CRA My Account regularly for updates.
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