The CRA as an organization extends a number of privileges to people living in Canada including myself. Below are the mandatory payment dates, general payment amounts and information about eligibility for payment for the month of September, 2024 and which includes the Ontario Trillium Benefit (OTB), Canada Pension Plan (CPP), GST/HST credit, Old Age Security (OAS), Climate Action Incentive Payment (CAIP).
Ontario Trillium Benefit (OTB)
The OTB replaces the Ontario Energy and Property Tax Credit, Northern Ontario Energy Credit, and Ontario Sales Tax Credit. These are paid on a monthly or annual basis depending with the tax return that you prepare. The next payment will be made on September 10, 2024, and based on income and whether or not one resides in Ontario, the amount that they will receive will be different.
Canada Pension Plan (CPP)
September 2024 CPP deductions will be made on the 25th of September. This benefit gives receiving of retirement income to the citizens of Canada who are 60 years and above and have participated in the CPP. The maximum is $1306. 57 monthly for contributions and depending on the eligibility of the claimant.
Goods and Services Tax (GST) / Harmonized Sales Tax (HST) Credit
Some of the benefits offered to low to moderate income earners include the GST/HST credit which in effect pays for the taxes that people use while buying goods and services. The next quarterly payment is due on 04 of October of the year 2024. This amount depends with the income earned and the size of the family.
Old Age Security (OAS)
The first form is the OAS pension that is paid to all Canadians, who are 65 years and above; there is a quarterly indexation of the payment. The next payment will be made on September 25, 2024 and the payment will range up to $707. 68 for those of age 65-74 and up to $ 778. 45 for those of age 75 and above.
Climate Action Incentive Payment ( CAIP)
Some of these include the CAIP that provides for federal carbon tax costs. All payments are made quarterly with the next due for payment in October in the year 2024. The amount varies depending on your province or territory of residence; for instance, it is $244 per year for the users from the Ontario province.
Fact Check
One should not rely on self-generated or secondary sources when trying to get information about certain benefits, for example, its payment. It is important therefore to verify all the information from CRA website or speak to a financial expert in order to get the most recent information concerning your benefits.
