Many ageing Canadians are looking forward to the September 2024 CPP of the Canada Revenue Agency with many expecting a rise. Because of accumulating inflation, there have been discussions about the possibility of the third check, $2100, $1800 or $550. It is high time we addressed how these payments work, who is eligible, and the actualities.
Breakdown of CPP Payments
Usually CPP payments are monthly, and September is tenable for the 25 of the same month. However, there are signs of a triple payment of $2100, $1800, and $550 but the Canada Revenue Agency had not divulged this. The Present maximum monthly CPP payment is $1,364.60 in 2024 but one may make significantly less based on his/her contributions. It should be noted that the average payment per account is about $ 816.52.
It is important to point out that there are other support options for seniors aside from CPP. However the Old Age Security (OAS) program gives out $718.33 per month to those with lower income who were not able to qualify for the CPP. Similarly, the low income seniors those who have a gross income of $21,768 or less may entitled for GIS payment worth $1,072.93.
Tripartite concerning to CPP triple payment
In order to receive CPP payments, then one must meet certain requirements. They must be at least 60 years to entitle them for the lower pension or 65 years for the full pension. Besides, they should have paid contributions for at least 39 weeks in their working age for them to qualify for the act. Refugee claimants, persons who are a permanent resident of Canada, or persons protected under the laws of refugees are eligible. It may be taken at a younger age if one has disabilities or has been a member of the defense forces.
Fact-Checking Triple Payments
There are rumors that there will be triple CPP payment in September 2024 which is false. We could not find any information regarding the triple payments declared by the Canada Revenue Agency. The triple payments that were a common thing during the pandemic due to inflation are not an option for the government now.
However, the seniors in the Canadian territory receiving CPP payments could always improve their monthly earnings through qualifying for OAS and GIS payments alongside CPP earnings. The next CPP payment is due the 25th of September, 2024.
