With the constant rise in the cost of living, making ends meet is becoming a real challenge for many people, whether because of rising rents or skyrocketing grocery prices. Fortunately, by the end of December, some elderly or retired people could benefit from a financial boost thanks to benefits offered by the Canada Revenue Agency (CRA) and Revenu Québec.
This aid, which can be directly deposited into the bank accounts of eligible beneficiaries, however requires a proactive approach. It is essential to check whether your personal situation or that of your household meets the eligibility criteria and submit an application if necessary.
Find out if you are eligible for one of these five programs that could reduce your budget via the CRA’s My Account for Individuals and Revenu Québec’s My Account for Citizens portals.
Also read: Here’s everything you need to know about the $250 check sent to Canadians in 2025
Old Age Security
People eligible for the Old Age Security (OAS) program can be automatically enrolled after submitting their tax return. Paid in the form of a monthly payment, this pension constitutes taxable income intended for individuals aged 65 and over.
The first payment is made the month following the 65th birthday, marking the start of eligibility for the program, or on a date chosen by the beneficiary. An application can also be submitted from the age of 64.
Eligibility: This program is accessible to both people still active in the job market and those who have never worked. It is aimed at citizens and residents who have obtained their legal status at the time of application. It is also required to have resided in Canada for at least 10 years since the age of 18. As for those living abroad, they must have resided in Canada for at least 20 years after reaching the age of majority.
Amount: People aged 65 to 74 eligible for the Old Age Security program can receive up to $727.67 per month for the period from October to December 2024. The amount they can benefit from is determined based on their 2023 net annual income – which must not have exceeded $148,451.
The population aged 75 or over can receive an amount of up to $800.44 depending on the income earned in 2023. Note that people who received more than $154,196 last year are not entitled to to this financial assistance.
Payment date: December 20, 2024
Website explaining Old Age Security
Guaranteed Income Supplement
This financial assistance takes the form of a monthly payment available from the age of 65. Intended for low-income recipients of the Old Age Security (OAS) pension, the Guaranteed Income Supplement (GIS) is tax-free.
In the majority of cases, the CRA sends a letter to beneficiaries the month after their 64th birthday to specify the date on which they will start receiving payments. However, some eligible individuals must submit an application to access it.
Eligibility: This assistance is intended for citizens residing in Canada, who receive the Old Age Security (OAS) pension and whose annual income is below the following thresholds:
- $22,056: if you are single, widowed or divorced;
- $29,136: if your common-law partner receives the full OAS pension;
- $40,800: if your de facto spouse receives the Allowance;
- $52,848: if your common-law partner does not receive an OAS pension.
Amount: It varies between $654.23 and $1,086.88 depending on your marital status and income from the previous year (or, in the case of a couple, combined income).
To simplify the process, it is possible to estimate the amounts to be received using the Government of Canada’s Old Age Security benefit estimation tool.
Payment date: December 20, 2024
Website explaining the Guaranteed Income Supplement
Allocation
This tax-free amount related to the Guaranteed Income Supplement is paid each month to eligible people between 60 and 64 years old who live in Canada.
To receive the allowance, a request must be made by the taxpayer concerned six to eleven months before the age of 60. Moreover, it is recommended that people aged between 60 and 64 who have not yet submitted a request to this effect do so as soon as possible.
Eligibility: Married people or those with a common-law partner eligible for the Guaranteed Income Supplement (GIS) or those with a combined income (with their spouse or common-law partner) below the maximum annual income threshold of the allowance, which is $40,800.
This amount will be automatically converted into Survivor Allowance (see information below) for people receiving the allowance whose life partner has died.
Amount: Up to $1,381.90 based on your marital status and your income from the previous year (or, in the case of a couple, your combined income).
The allocation was revised in October to reflect increases in the cost of living as measured by the Consumer Price Index (CPI).
Payment date: December 20, 2024
Website explaining the Allowance
Survivor’s Allowance
This monthly payment, linked to the Guaranteed Income Supplement, is intended for people aged 60 to 64 living in Canada and who have lost their life partner. To be eligible, it is essential to not have remarried or live in a common-law relationship with another person since the death of their spouse.
Eligible individuals must apply between the ages of 60 and 64, or, depending on their situation, no earlier than 11 months before their 60th birthday.
Eligibility: Widowed people with an annual income below the maximum threshold for the Survivor’s Allowance, set at $29,712.
Amount: Up to $1,647.34 per month, based on previous year’s income.
Please note that this allowance was adjusted last October to take into account the increase in the cost of living.
Payment date: December 20, 2024
Website explaining the Survivor’s Allowance
Quebec Pension Plan
This program aims to provide basic financial security to people who have worked in Quebec, as well as to their beneficiaries in the event of retirement, death or disability.
Although the majority of taxpayers wait until age 65 to apply, it is possible to start receiving reduced payments as early as age 60. New this year: the maximum age for applying for a pension has been raised to 72 years.
Furthermore, people aged 65 or over can now choose to stop their contributions to the Plan, even if they continue to work. If this option is exercised, their employer contributions will also be interrupted.
This year, the maximum retirement pension offered by the basic QPP plan reaches $16,015 for a person applying at age 65 and having earned an annual income of $73,200. With the addition of the supplementary plan, this pension will increase to $24,409 over the next 40 years.
Eligibility: Any person aged 60 or over who has worked in Quebec for at least one year.
Amount: Variable depending on contributions made, up to a maximum of $873.34 at age 60, $1,364.60 at age 65, and $2,166.98 at age 72.
Payment date: December 30, 2024
Website explaining the Quebec Pension Plan
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