As the new year begins, Canadians can anticipate a series of government benefit payments from the Canada Revenue Agency (CRA). These benefits, scheduled for January 2025, aim to provide financial support across various needs, from child care to retirement income.
GST/HST Credit
The GST/HST Credit is a tax-free quarterly payment designed to help individuals and families with low and modest incomes offset the GST or HST they pay.
Advanced Canada Workers Benefit
The Advanced Canada Workers Benefit (ACWB) offers advance payments to low-income individuals and families, providing financial relief throughout the year.
Ontario Trillium Benefit
The Ontario Trillium Benefit (OTB) combines several credits to assist with energy costs, property taxes, and sales tax for eligible Ontario residents.
Canada Carbon Rebate
The Canada Carbon Rebate helps Canadians offset costs associated with federal pollution pricing, with additional supplements for residents in rural areas.
Canada Child Benefit
The Canada Child Benefit (CCB) provides tax-free monthly payments to eligible families to help with the cost of raising children under 18 years of age.
Old Age Security
Old Age Security (OAS) is a monthly payment available to seniors aged 65 and older, providing financial support during retirement.
Canada Pension Plan
The Canada Pension Plan (CPP) offers monthly payments to contributors, providing a source of retirement income based on contributions made during their working years.
Veteran Disability Pension
The Veteran Disability Pension is a tax-free monthly payment to support veterans and service members who have service-related injuries or illnesses.
| Benefit Name | Eligibility Criteria | Maximum Monthly Payment | Next Payment Date | Additional Notes |
|---|---|---|---|---|
| GST/HST Credit | Low/modest-income individuals and families | Varies | January 3, 2025 | Tax-free quarterly payment to offset GST/HST paid. |
| Advanced Canada Workers Benefit | Low-income workers aged 19 or older, or with a spouse/common-law partner or dependent child | Varies | January 10, 2025 | Advance payments of up to 50% of the annual Canada Workers Benefit. |
| Ontario Trillium Benefit | Ontario residents with low/modest income | Varies | January 10, 2025 | Combines Ontario Energy and Property Tax Credit, Northern Ontario Energy Credit, and Ontario Sales Tax Credit. |
| Canada Carbon Rebate | Residents in eligible provinces (e.g., Ontario, Alberta, Saskatchewan) | Varies | January 15, 2025 | Helps offset costs associated with federal pollution pricing; additional supplements for rural residents. |
| Canada Child Benefit | Families with children under 18 | Up to $648.91 per child under 6; up to $547.50 per child aged 6–17 | January 20, 2025 | Tax-free monthly payment to assist with child-rearing costs. |
| Old Age Security | Seniors aged 65 and older | Up to $727.67 (ages 65–74); up to $800.44 (ages 75+) | January 29, 2025 | Monthly payment providing financial support during retirement. |
| Canada Pension Plan | Contributors aged 60 and older | Up to $1,364.60 | January 29, 2025 | Monthly retirement pension based on contributions made during working years. |
| Veteran Disability Pension | Veterans/service members with service-related injuries or illnesses | Varies | January 30, 2025 | Tax-free monthly payment supporting veterans with service-related disabilities. |
These benefits provide essential financial support to Canadians, helping to alleviate expenses and promote economic well-being as the new year begins.
FAQs
1. What is the GST/HST Credit, and who qualifies for it?
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. Eligibility typically requires being a Canadian resident aged 19 or older, or having a spouse/common-law partner or child.
2. How can I apply for the Canada Child Benefit (CCB)?
To apply for the CCB, you can use the CRA’s My Account online service or submit Form RC66, Canada Child Benefits Application, by mail. Ensure you file your income tax return annually, as eligibility is determined based on your income.
3. When will I receive my Old Age Security (OAS) payment?
OAS payments are made monthly. For January 2025, the payment date is January 29. Ensure you have direct deposit set up to receive payments promptly.
4. Is the Canada Carbon Rebate available nationwide?
The Canada Carbon Rebate is available to residents in provinces where the federal carbon pricing applies, such as Ontario, Alberta, and Saskatchewan. Eligibility and payment amounts can vary based on your province of residence and family situation.
5. How do I know if I’m eligible for the Advanced Canada Workers Benefit (ACWB)?
Eligibility for the ACWB depends on your income, age, and family situation. Generally, low-income workers aged 19 or older, or those with a spouse, common-law partner, or dependent child, may qualify. Filing your income tax return will allow the CRA to determine your eligibility.
