October is just around the corner, and with it comes a new round of federal government benefits and credits that Quebec residents could be eligible for. This month brings fresh opportunities to receive financial assistance from the Government of Canada through various programs and payments.
From tax credits to pension payments, you might be eligible to receive thousands of dollars from the government this month. Some of the key payments going out this month include Old Age Security, the Canada Child Benefit and the GST/HST Credit, along with several others.
Here’s everything you need to know about the CRA payments available in October, including what they are, how much you could receive and when the funds will land in your account.
GST/HST Credit
The GST/HST Credit is a tax-free quarterly payment designed to help individuals and families with low or modest incomes recover some of the GST or HST they’ve paid. Eligibility is automatically assessed when you file your taxes with the CRA.
To qualify, you generally need to be at least 19 years old. However, if you’re younger than 19, you could still be eligible if you have (or had) a spouse or common-law partner, or if you are (or were) a parent living with your child. You must also be a Canadian resident for income tax purposes both the month before and at the beginning of the month when the payment is made.
How much you can get: The amount you get depends on your adjusted family net income and the number of children you have. For the October 2024 quarterly payment, you could receive up to
- $129.75 if you’re single
- $170 if you’re married or have a common-law partner
- An additional $44.75 for each child under 19
Next payment date: October 4, 2024
More about the GST/HST Credit
Advanced Canada Workers Benefit
The Canada Workers Benefit (CWB) is a refundable tax credit for low-income individuals and families, consisting of a basic amount and a disability supplement, which can be claimed when you file your tax return.
Under the Advanced Canada Workers Benefit (ACWB) program, eligible individuals can automatically receive advance payments of up to 50% of their CWB allotment for the year in three installments. To qualify, you need to have earned income below the provincial threshold, be a resident of Canada for the entire year, and be at least 19 years old by December 31, or live with a spouse, common-law partner, or dependent child.
How much you can get: The maximum basic CWB amount in Quebec is $3,521.87 for singles and $5,494.27 for couples, and the maximum disability amount is $787.70.
That means that for the October 2024 ACWB payment, you could receive up to
- $586.97 if you’re single
- $916.21 if you have a spouse or common-law partner
- An additional $131.19 if you qualify for the disability amount
Next payment date: October 5, 2024
More about the Canada Workers Benefit
Canada Child Benefit
The Canada Child Benefit (CCB) is a tax-free payment that helps families with the cost of raising children. Eligible families receive this payment from the Canada Revenue Agency every month, and there may be additional support for children with disabilities.
To qualify, you need to live with and care for a child under 18, be a resident of Canada for tax purposes, and either you or your partner must meet certain requirements, such as being a Canadian citizen or permanent resident.
How much you can get: The amount you receive depends on your family’s income, the number of children you have and their ages. If your adjusted net income is less than $36,502, you’ll get the maximum monthly amount. For each child under 6, that’s up to $648.91 per month, and for children aged 6 to 17, it’s up to $547.50 per month. Payments decrease as your income increases.
Next payment date: October 18, 2024
More about the Canada Child Benefit
Old Age Security
The Old Age Security (OAS) pension is a monthly payment for Canadians aged 65 or older to help with living expenses. You can receive OAS even if you’re still working or have never worked.
To qualify, you need to be at least 65 years old and have lived in Canada for at least 10 years after turning 18. If you’re living outside Canada, you’ll need to have lived here for at least 20 years. Most people are automatically enrolled in OAS, but if you don’t get a letter from Service Canada the month after you turn 64, you may need to apply.
How much you can get: The maximum monthly payment for July to September was $718.33 for those aged 65 to 74 and $790.16 for those 75 and older. However, payments are adjusted every three months to keep up with inflation, so new amounts for October should be coming soon. In addition, if you turn 75 after July 2022, your OAS payment will increase by 10% the month after your birthday.
Next payment date: October 29, 2024
More about Old Age Security
Veteran Disability Pension
The Veteran Disability Pension is a monthly benefit provided to veterans with a disability related to their military service. To qualify, you must be an eligible veteran of the Canadian Armed Forces, including those who served in the Second World War or the Korean War. Some current or former members of the Royal Canadian Mounted Police (RCMP) and certain civilians who served in the Second World War may also be eligible.
To receive the Veteran Disability Pension, you must have a diagnosed medical condition linked to your service. This pension offers lifetime monthly payments, and if you have dependents, such as a spouse or children, your payments will increase to help support them.
How much you can get: The amount you’ll get is based on your situation, including the extent of your disability. The maximum monthly payment for a veteran with the highest disability rating (Class 1) is $3,357.30, plus additional amounts for dependents — $839.33 for a spouse, $436.45 for your first child, $318.94 for your second child and $251.80 for each additional child.
Next payment date: October 30, 2024
More about the Veteran Disability Pension
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