Canadians should keep an eye on their bank accounts as a few government benefit payments are scheduled to be deposited next week, beginning Oct. 28.
Depending on whether you qualify, you could be looking at a few extra thousand dollars in your checking account, which is surely going to help pay for bills and groceries, or help you save up for your dream vacation.
Here’s a look at who qualifies for these benefits, how much they could receive, and when the payments will come in.
Canada Pension Plan (CPP) — Oct. 28
The CPP is a monthly, taxable benefit that replaces part of eligible Canadians’ income upon retirement and is paid for the rest of their lives.
To be eligible for this benefit, you must have made at least one valid contribution to the CPP and be at least 60 years old. Canadians can still receive their full pension even if they’re under 70 and still working; contributing to the CPP post-retirement benefit can increase their pension.
The amount you’ll receive on Oct. 28 depends on your age when you started receiving your pension, the amount you contributed to the CPP, and how much you earned throughout your working life.
If you’re a new beneficiary at age 65, you can expect to receive anywhere between $858.34 to $1,507.65 this month.
Old Age Security (OAS) pension — Oct. 28
Canadians 65 and older are eligible for the Old Age Security (OAS) pension also coming Oct. 28.
In order to apply for the benefit, you must meet several requirements, including being a Canadian resident for at least 10 years after the age of 18. If you live abroad, you need to have lived in Canada for at least 20 years since you turned 18.
How much you receive depends on your age, income, and the length of time you have lived in Canada since you turned 18. Seniors 75 and older receive an additional 10 percent in benefits.
The payment amounts get reviewed by the government every three months. On Oct. 28, the payment turns out to be $762.50 for those aged 65 to 74, and if you’re 75 and older, you could get up to $838.75.
Veteran Disability Pension — Oct. 29
Some Canadians could receive the Veteran Disability Pension, a tax-free payment to support their well-being. In order to qualify, you must be one of the following:
- A member or veteran of the Canadian Armed Forces
- A member or former member of the Royal Canadian Mounted Police (RCMP)
- A Second World War or Korean War Veteran (includes Merchant Navy), or an eligible civilian who served in the Second World War
You must also have a diagnosed medical condition or disability and be able to show that it was related to your service.
Eligible candidates can receive a lifetime monthly benefit (the amount depends on the number of dependents) or a lump sum for pain and suffering compensation. Monthly payments, including the one coming out on Oct. 29, range from $70.99 to $1,419.82.
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With files from Irish Mae Silvestre