Federal Benefits & Credits Paying Out Canadians Money in April 2024

As we approach April 2024, several federal benefits and credits are set to pay out money to eligible Canadians across the country. These payments are designed to help offset various costs, including sales taxes, pollution pricing, raising a child, and more. Depending on your family situation and annual income, you could receive hundreds of dollars or even more than $1,000 throughout the month. Here’s what you need to know about six benefits and credits that are giving out money in April:

1. GST/HST Credit

The GST/HST credit is a tax-free quarterly payment aimed at helping individuals and families with low and modest incomes offset the GST or HST they pay. The amount you receive is based on your adjusted family net income and the number of children under 19 years old you have registered for the Canada Child Benefit and the GST/HST credit. For the payment period from July 2023 to June 2024, you could receive up to:

$496 if you are single
$650 if you are married or have a common-law partner
$171 for each child under 19 years old This translates to a quarterly payment of $124 if you’re single, $162.50 if you’re married or have a common-law partner, and $42.75 for each child under 19. The GST/HST credit payment date is Friday, April 5, 2024.

2. Canada Carbon Rebate

The Canada Carbon Rebate, formerly known as the climate action incentive payment, is a tax-free payment aimed at offsetting the cost of federal pollution pricing. The first payments are going out in April, with two payments, the basic amount and rural supplement, available to residents of certain provinces. The basic quarterly payment amount for various provinces is as follows:

Alberta: $225 for an individual, $112.50 for a spouse or common-law partner, $56.25 per child under 19, $112.50 for the first child in a single-parent family
Saskatchewan: $188 for an individual, $94 for a spouse or common-law partner, $47 per child under 19, $94 for the first child in a single-parent family
Manitoba: $150 for an individual, $75 for a spouse or common-law partner, $37.50 per child under 19, $75 for the first child in a single-parent family
Ontario: $140 for an individual, $70 for a spouse or common-law partner, $35 per child under 19, $70 for the first child in a single-parent family
New Brunswick: $95 for an individual, $47.50 for a spouse or common-law partner, $23.75 per child under 19, $47.50 for the first child in a single-parent family
Nova Scotia: $103 for an individual, $51.50 for a spouse or common-law partner, $25.75 per child under 19, $51.50 for the first child in a single-parent family
P.E.I.: $110 for an individual, $55 for a spouse or common-law partner, $27.50 per child under 19, $55 for the first child in a single-parent family
Newfoundland and Labrador: $149 for an individual, $74.50 for a spouse or common-law partner, $37.25 per child under 19, $74.50 for the first child in a single-parent family The Canada Carbon Rebate payment date is Monday, April 15, 2024. However, the timing of your payment may vary depending on when you filed your tax return.

3. Canada Child Benefit

The Canada Child Benefit (CCB) is a tax-free monthly payment aimed at helping eligible families with the cost of raising children under 18 years old. The maximum benefit amount is $619.75 per month for each child under six years old and $522.91 per month for each child 6 to 17 years old. The CCB payment date is Friday, April 19, 2024.

4. Old Age Security

The Old Age Security (OAS) pension is a monthly payment available to individuals aged 65 and older who meet certain criteria. The maximum monthly OAS payment amount is $713.34 for those aged 65 to 74 and $784.67 for those aged 75 and over. The OAS payment date is Friday, April 26, 2024.

5. Canada Pension Plan

The Canada Pension Plan (CPP) retirement pension is a monthly taxable benefit that replaces part of your income once you retire. The maximum monthly amount you could receive if you start your pension at 65 years old is $1,364.60. The CPP payment date is also Friday, April 26, 2024.

6. Veteran Disability Pension

Canada’s veteran disability pension provides financial recognition for the impact a service-related injury or disease can have on someone’s life. The amount you receive depends on the relation of your condition to your service and the severity of your condition. The veteran disability pension payment date is Monday, April 29, 2024.

These federal benefits and credits play a crucial role in supporting Canadians financially, especially during these challenging times. If you are eligible, make sure to take advantage of these payments to help ease the financial burden and improve your quality of life.

TCFFCA Magazine