As September 2024 approaches, Canadian residents can expect updates to their Canada Revenue Agency (CRA) benefits, including increases to key programs such as the Canada Pension Plan (CPP), Old Age Security (OAS), the Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit, and the Canada Workers Benefit (ACWB). These payments are vital for many individuals and families, providing financial assistance to help cover essential costs of living.
This article outlines the updated amounts, eligibility criteria, and pay dates for each of these important CRA benefits.
Canada Pension Plan (CPP) – September 2024 Update
The Canada Pension Plan (CPP) is a key retirement benefit for Canadians. For September 2024, beneficiaries will see an increase in their payments due to the annual inflation adjustment.
- Maximum Monthly Payment: For those who delayed retirement until age 70, the maximum monthly CPP payment could reach up to $2900.
- Average Monthly Payment: Most Canadians will receive an average monthly payment ranging between $1200 and $1500, depending on their contributions and the age they started collecting CPP.
- Payment Date: The CPP payment for September 2024 is scheduled for September 29th, 2024.
Eligibility for CPP
To be eligible for CPP, individuals must:
- Be at least 60 years old.
- Have made at least one valid contribution to the CPP.
- Be a Canadian resident or have contributed while working in Canada.
Old Age Security (OAS) – September 2024 Update
Old Age Security (OAS) is another essential benefit provided to Canadian seniors. As of September 2024, OAS payments will continue to reflect increases based on inflation.
- Maximum Monthly OAS Payment: The current maximum monthly OAS payment for September 2024 is around $615.
- Payment Date: The OAS payment for September 2024 will be issued on September 25th, 2024.
Eligibility for OAS
To qualify for OAS, you must:
- Be 65 years of age or older.
- Be a Canadian citizen or legal resident.
- Have lived in Canada for at least 10 years after turning 18 (if living in Canada) or 20 years (if living outside Canada).
GST/HST Credit – September 2024 Update
The Goods and Services Tax (GST)/Harmonized Sales Tax (HST) credit is a tax-free quarterly payment that helps low- and modest-income individuals and families offset some of the taxes they pay. The credit is automatically calculated based on your income tax return.
- Payment Amount: The GST/HST credit for September 2024 can vary depending on family income and size. On average, individuals may receive between $300 and $456 annually, with families possibly receiving more.
- Payment Date: The next GST/HST credit will be issued on October 5th, 2024.
Eligibility for GST/HST Credit
Eligibility for the GST/HST credit is determined automatically when you file your income taxes. To qualify, you must:
- Be a resident of Canada for income tax purposes.
- Have an income below the GST/HST threshold, which varies based on family size.
Canada Workers Benefit (CWB/ACWB) – September 2024 Update
The Canada Workers Benefit (CWB), formerly known as the Working Income Tax Benefit (WITB), provides a refundable tax credit to low-income workers. There’s also an Advanced Canada Workers Benefit (ACWB) option that allows you to receive up to half of the benefit in advance throughout the year.
- Payment Amount: The maximum annual benefit for the CWB in 2024 is approximately $1,428 for single individuals and $2,461 for families. The advance payments are issued quarterly.
- Payment Date: The next ACWB payment for September 2024 will be issued on October 3rd, 2024.
Eligibility for CWB/ACWB
To be eligible for the CWB, you must:
- Be a resident of Canada for tax purposes.
- Be at least 19 years old by the end of the year.
- Have earned income from employment or business.
- Meet income thresholds, which vary based on your filing status (single or family).
Conclusion
The CRA benefits for September 2024, including increased payments for CPP, OAS, GST/HST credits, and the Canada Workers Benefit, offer critical financial support to Canadians. With inflation continuing to affect the cost of living, these benefits help to ease the financial burden on retirees, low-income individuals, and families.
To ensure you receive the full benefits you’re entitled to, make sure your information with the CRA is up-to-date, and continue filing your income taxes annually.