October 2024 brings a variety of important benefits for Canadians, ranging from income supplements to tax credits aimed at supporting individuals and families. Whether you’re a senior, a low-income earner, or someone looking for financial relief, there are several benefits you may qualify for. Here’s a breakdown of the key benefits coming in October and how to determine your eligibility.
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Key Benefits Available in October 2024
1. Old Age Security (OAS) Pension and Guaranteed Income Supplement (GIS)
Seniors aged 65 and older can receive Old Age Security (OAS) payments, which are regularly adjusted for inflation. If you have a low income, you may also qualify for the Guaranteed Income Supplement (GIS), a tax-free benefit to help with living costs.
- OAS Payment for October 2024: $718.33
- GIS Payment (Single individual): Up to $1,042.16 monthly
Eligibility:
- Must be 65 years or older
- Must have lived in Canada for at least 10 years after turning 18
- Income threshold applies for GIS eligibility
2. Canada Pension Plan (CPP)
The Canada Pension Plan (CPP) provides monthly payments to those who contributed to the plan during their working years. Payments depend on how long and how much you contributed.
- October 2024 CPP Payment Date: October 27, 2024
- Maximum Monthly Payment: Up to $1,306.57 for those retiring at 65
Eligibility:
- Must be at least 60 years old to start receiving CPP
- Must have made at least one valid contribution to the plan
3. Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) provides tax-free monthly payments to families to help cover the cost of raising children under 18. The amount you receive is based on your income and the number of children in your care.
- CCB Payment Date for October: October 20, 2024
- Maximum Monthly Amount (2024): Up to $7,437 per year per child under 6, and $6,275 for children aged 6-17
Eligibility:
- Must live with the child and the child must be under 18
- Must be a Canadian resident
- You or your spouse must file taxes
Carbon Tax Rebate Payment Dates 2024: Who is Eligible & How Much You Will Recieve?
$7,500 Alberta Residential Access Modification Program for People with Disabilities
Alberta Income Support Payment Dates 2024: Application, Eligibility, & Amount
1,200 Canada Carbon Rebate for Families in Manitoba 2024-2025
Canada Carbon Rebate Payments Coming on October 15, 2024: Are you Eligible?
4. Climate Action Incentive Payment (CAIP)
The Climate Action Incentive Payment (CAIP) is a quarterly payment that helps offset the costs of the federal carbon tax. This payment is automatically issued to residents of Alberta, Saskatchewan, Manitoba, and Ontario.
- October CAIP Payment Date: October 15, 2024
- Amount: Up to $386 for a single adult, $193 for each additional adult, and $96 for each child
Eligibility:
- Must be a resident of one of the eligible provinces (Alberta, Saskatchewan, Manitoba, Ontario)
- Must file your taxes to automatically receive the payment
5. GST/HST Credit
The GST/HST Credit is a tax-free quarterly payment to help low- and moderate-income individuals and families offset the GST or HST they pay. The next payment arrives in October 2024.
- October Payment Date: October 5, 2024
- Maximum Amount: Up to $496 annually for a single individual, plus additional amounts for dependents
Eligibility:
- Must be a Canadian resident
- Must meet income eligibility requirements
- Payments are based on your previous year’s income tax return
6. Grocery Rebate
As part of the federal government’s cost-of-living relief efforts, the Grocery Rebate is issued to help low-income families manage rising food costs. The rebate is based on eligibility for the GST/HST Credit.
- October 2024 Payment Date: October 5, 2024
- Amount: Up to $467 for families with two children, varying by household size and income
Eligibility:
- Must qualify for the GST/HST Credit
- Income thresholds apply based on your 2023 tax return
7. Provincial and Territorial Benefits
In addition to federal benefits, certain provinces offer their own programs. For example, Manitoba will issue a Carbon Tax Rebate in October 2024, providing up to $600 to eligible residents. Meanwhile, British Columbia residents can expect their Climate Action Tax Credit in October, which provides up to $168 per family.
Eligibility:
- Each province has its own eligibility criteria, typically tied to income and residency requirements
- Must file your taxes to automatically receive provincial benefits
How to Apply or Check Eligibility
Most benefits, including the OAS, CPP, CCB, CAIP, and the GST/HST Credit, are automatically issued if you meet the eligibility criteria and have filed your taxes. For other benefits, such as the GIS or provincial programs, you may need to apply separately.
You can check your eligibility or apply for these benefits by:
- Visiting the Government of Canada website or your provincial benefit portal
- Ensuring your tax returns are up to date
- Contacting the Canada Revenue Agency (CRA) for more information on federal benefits
October 2024 is packed with a range of federal and provincial benefits aimed at providing financial support to Canadians. From seniors and families to low-income individuals, there are plenty of opportunities to receive financial relief this month. Be sure to check your eligibility and take advantage of these programs to help ease the burden of living costs!