As December 2024 begins, the Canada Revenue Agency (CRA) has outlined its schedule and details for upcoming benefit payments, including the Canada Child Benefit (CCB), Ontario Trillium Benefit (OTB), Canada Pension Plan (CPP), and Old Age Security (OAS). Here’s what Canadians need to know about these payments and eligibility.
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Canada Child Benefit (CCB)
The CCB provides financial support to families with children under 18. Payments for December 2024 will be distributed by the CRA on December 20. This tax-free benefit is based on household income and the number of children in the family. Families can expect adjustments in payments depending on their 2023 income tax filings.cana
The maximum annual payment for the 2024-25 benefit year is:
- $7,437 per child under six.
- $6,275 per child aged 6-17.
Ontario Trillium Benefit (OTB)
The OTB combines payments for the Ontario Sales Tax Credit, the Ontario Energy and Property Tax Credit, and the Northern Ontario Energy Credit. December’s installment is due on December 10, providing targeted relief for low- and middle-income Ontario residents. Payment amounts vary based on eligibility and previous income.
Canada Pension Plan (CPP)
The CPP retirement pension continues to provide monthly income to eligible contributors. For December 2024, payments will be made on December 27. CPP benefits are indexed to inflation and have increased due to recent Consumer Price Index (CPI) adjustments.
- Maximum monthly payment: $1,364.60 for new beneficiaries aged 65.
- Disability pension: Up to $1,606.78.
- Survivor’s pension: Up to $818.76 for recipients aged 65 or older.
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Old Age Security (OAS)
OAS provides a monthly income to seniors aged 65 and older. December 2024 payments, scheduled for December 27, include the Guaranteed Income Supplement (GIS) for low-income seniors. Payment amounts reflect increases aligned with the CPI:
- $727.67 monthly for seniors aged 65-74.
- $800.44 monthly for those aged 75 and older.
- GIS payments can reach up to $1,086.88 depending on income levels.
Seniors who qualify for additional benefits, such as the Allowance or Allowance for the Survivor, will see varying amounts based on their income and marital status​
Important Notes
- Payments are sent through direct deposit or mailed cheques. Ensure your banking or mailing details are updated with the CRA to avoid delays.
- Benefits like the OAS and GIS are subject to income thresholds. Recipients should consult the CRA for specific eligibility criteria.
For more details or assistance, visit the CRA’s official site or contact Service Canada directly.
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