As we approach September 2024, Ontario residents can look forward to several important benefits aimed at supporting low and middle-income families. These benefits, issued in Ontario Benefit Cheques, include payments for the Canada Pension Plan (CPP), Old Age Security (OAS) pension, and various tax credits. This article will provide a comprehensive overview of these benefits and the payment schedule for September 2024.
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Canada Pension Plan (CPP) and Old Age Security (OAS) Benefits
The CPP provides financial support to individuals who have retired from the workforce and have been contributing to the plan. Eligible seniors, aged 65 and older, will receive a monthly benefit of $1,364.60. Payments for CPP are made on the third last business day of each month, so for September 2024, this date is the 25th.
Old Age Security (OAS) Pension
The OAS benefit is designed to support seniors aged 65 and older. The annual amount has been increased to $8,560, with monthly payments distributed on the third and last business day of each month. For September 2024, the OAS payment date is also the 25th.
GST/HST Tax Credit 2024
Overview of GST/HST Tax Credit
The GST/HST Tax Credit aims to alleviate the financial burden of taxes on low-income individuals and families. This credit is issued quarterly, and eligibility requires that you are 19 years or older and timely with your tax payments. For September 2024, there will be no GST
/HST Tax Credit payments; instead, these will be issued on October 4, 2024.
Child Tax Credit 2024
Details on Child Tax Credit
The Child Tax Credit is a vital benefit for families with children under the age of 18. It includes tax-free payments to assist with the costs of raising children and also covers child disability benefits. The amount awarded is based on the Adjusted Net Family Income from the previous year. For those with an Ontario Trillium Benefit (OTB) of $360 or less in 2024, the Child Tax Credit will be paid as a lump sum in the early months. The payment date for this benefit in September 2024 is scheduled for the 20th.
Ontario Trillium Benefits 2024
Breakdown of Ontario Trillium Benefits
Ontario Trillium Benefits include several credits to aid residents with their energy and property tax expenses:
- Energy and Property Tax Credit: $1,194 for residents aged 18 to 64 and $1,360 for those 65 and older.
- Sales Tax Credit: $345, which does not impact GST/HST credits.
- Energy Credit: Up to $265 per family.
Payments for Ontario Trillium Benefits will be made on September 10, 2024. These credits are provided through direct deposit to eligible residents.
Climate Action Incentive Payment 2024
Purpose of Climate Action Incentive Payment
The Climate Action Incentive Payment is designed to counterbalance the rising costs associated with pollution pricing. This non-taxable benefit helps reduce the financial impact of environmental policies. Payments are made quarterly to eligible residents in Ontario and other provinces like Alberta and Manitoba. For September 2024, there will be no Climate Action Incentive Payment; instead, the payment will be issued on October 15, 2024.
Ontario Cheque Payment Dates for September 2024
Here is a summary of the key payment dates for Ontario residents in September 2024:
- Canada Pension Plan (CPP): September 25, 2024
- Old Age Security (OAS): September 25, 2024
- GST/HST Tax Credit: No payment in September; next payment on October 4, 2024
- Child Tax Credit: September 20, 2024
- Ontario Trillium Benefits: September 10, 2024
- Climate Action Incentive Payment: No payment in September; next payment on October 15, 2024
$300 Canada Federal Payment 2024 – Are You Jobless? When will it be paid?
Extra GST Payment 2024: When will it be paid & Who is Eligible?
Canada Housing Benefit Payment September 2024: Eligibility & Application Guide
The Ontario Grocery Rebate September 2024: Eligibility & Payment Amount
$1900 OAS Increase Coming in September 2024: Full Details & Payment Dates
$816 to $1,364 Canada Retirement Pension Boost 2024: Eligibility & Payment Dates
For more detailed information and updates, residents are encouraged to visit the official Canada Revenue Agency website or consult local government resources.
By staying informed and aware of these payment schedules, Ontario residents can better manage their finances and take full advantage of the benefits available to them.