Great news for Canadian seniors! The federal government is planning to release three new payments to help with the rising cost of living. These payments are $2800, $1850, and $960, and they will provide much-needed support to low-income elders.
This article will break down the details of these payments, including eligibility criteria, deposit news, and important dates. Keep reading to learn more about these financial boosts and how they can benefit you.
3 New Payments This Month
Overview of the Payments
This month, Canadian seniors might receive three different payments from the government, ranging from $2800 to $960. These payments aim to help those with lower incomes. The three payments include:
- Canada Emergency Response Benefit (CERB)
- Canada Housing Benefit (CHB)
- Old Age Security (OAS)
Canada Emergency Response Benefit (CERB)
The CERB program provided financial aid to employed and self-employed Canadians affected by COVID-19. Although the program has ended, there are talks about a one-time payment of $2800 for eligible recipients. This payment would be a welcome boost for those who met income deductions or job loss criteria during the pandemic.
Canada Housing Benefit (CHB)
The CHB helps low-income renters with their housing costs. This program is expected to see an increase in benefits starting this month, with eligible recipients possibly receiving an annual amount of $1850. The Canada Revenue Agency will announce the exact date soon, but the increase should be reflected by the end of the month.
Old Age Security (OAS)
The OAS pension provides monthly payments to Canadian seniors aged 65 and over. This benefit is adjusted annually to keep up with the cost of living. For eligible beneficiaries, the potential amount this month is $960 annually. The increase will likely be seen in the payments from August 1, 2024.
Payment Dates and Eligibility
CERB Payment Dates
Currently, there is no official announcement about a top-up payment for CERB. Keep an eye on the Canada Services website for any updates regarding this potential one-time payment.
CHB Payment Dates
The CHB payment increase is expected to start this month. If you are already receiving CHB payments, the increased amount will be deposited directly into your bank account. The exact date will be disclosed by the Canada Revenue Agency soon.
OAS Payment Dates
The OAS pension payment is typically issued on the first day of each month. For August 1, 2024, the increased amount should be reflected in your monthly benefits.
Eligibility Criteria
CERB Eligibility
To be eligible for the CERB top-up payment, you must have been approved for and received CERB payments between specific dates. More details will be available on the Canada Services website.
CHB Eligibility
To qualify for the CHB benefits, you must be a low-income renter with a household income below the federal threshold. You should also be paying rent for your primary residence.
OAS Eligibility
To receive the full OAS pension benefits, you must be a Canadian citizen or permanent resident who has lived in Canada for at least 10 years after turning 18. There is also a minimum income requirement to receive the full amount.
In summary, the Canadian government is offering three new payments to support seniors with the rising cost of living. These payments include $2800 for CERB, $1850 for CHB, and $960 for OAS. Each program has specific eligibility criteria, and payment dates vary. Stay informed by checking official announcements and ensure you meet the requirements to benefit from these financial aids.
1. Who is eligible for the CERB payment?
Those who were approved for and received CERB payments between specific dates.
2. How do I qualify for the CHB payment increase?
You must be a low-income renter with a household income below the federal threshold.
3. When will the OAS payment increase be reflected?
The increase should be seen in the August 1, 2024, payment.
4. What is the purpose of these payments?
To help low-income seniors cope with the rising cost of living.
5. Where can I find more information about these payments?
Check the Canada Services website for the latest updates and details.