If you live in Toronto or anywhere in Ontario, you could receive hundreds of dollars in May from these benefits:
1- Carbon Tax Rebate:
The carbon tax rebate is a tax-free payment that the federal government provides to Ontario residents. They will pay it every quarter as follows:
Ontarians eligible for the rebate will receive a base rebate of $140, with an additional $70 for a second adult in the family and $35 for each child under 19. A family of four in Ontario, according to the federal government, would receive $280.
The first payment went to families on April 15th. You will not receive anything until you file your 2023 tax return. You can expect to receive your first payment 6 to 8 weeks after filing your tax return.
2- Ontario Trillium Benefit OTB:
The Ontario Trillium Benefit (OTB) is a combined payment that includes the Ontario Energy and Property Tax Credit, the Northern Ontario Energy Credit, and the Ontario Sales Tax Credit. Typically, the total annual OTB entitlement is divided into 12 installments, with payments distributed on the 10th of each month.
The 2024 Ontario Trillium Benefit (OTB) payments, which are determined by your 2023 income tax and benefit return, will be distributed monthly from July 2024 through June 2025.
3- Canada Child benefit CCB:
If your household income is less than $34,863 per year, you may be eligible for the maximum amount of the Canada Child Benefit (CCB).
The maximum amount will automatically start to decrease when the income increases.
4- Canada Pension Plan CPP:
The Canada Pension Plan (CPP) retirement pension is a taxable monthly payment designed to partially replace your income after retirement. If you’re eligible, you’ll receive this pension for as long as you live.
So, your CPP salary depends on many factors, including:
- The age at which you start getting CPP.
- How much you contributed to the Canada Pension Plan (CPP).
- Your average income in your job. For 2024, the maximum monthly Canada Pension Plan (CPP) payment, if you start receiving it at age 65, will be $1,364.60. The payment date is Wednesday, May 29, 2024.
5- Old Age Security OAS:
The Old Age Security (OAS) pension is a monthly payment you can get if you are 65 and older. How long you have lived in Canada after the age of 18 determines your Old Age Security. Consult the detailed eligibility criteria.
The maximum monthly payment for Old Age Security (OAS) if you are between the ages of 65 and 74 is $713.34, and your net income for the previous year must be less than $134,626.
The maximum monthly payment for Old Age Security (OAS) if you are above 74 years old is 784.67, and your net income for the previous year must be less than $137,331.
So, the payment date is Wednesday, May 29, 2024.
