With almost everything costing more, it can be increasingly difficult to make ends meet, from the cost of rent to the cost of a basket of groceries. However, many elderly or retired people are entitled to a financial boost between now and the end of October, thanks to certain benefits offered by the Canada Revenue Agency (CRA) and Revenu Québec.
This financial aid can be paid directly into the bank account of the taxpayers concerned. However, it is necessary to request it and to ensure that the personal situation of the applicant and/or that of their household meets certain criteria.
It’s worth checking if you qualify for these five programs that could ease your financial burden via the CRA’s My Account for Individuals and the provincial agency’s My Account for Citizens.
Old Age Security
People eligible for the Old Age Security (OAS) program can be automatically registered after filing their tax return. In the form of a monthly payment, this pension is taxable income from which people aged 65 and over can benefit.
The first payment is made during the month following the 65th birthday, which marks the start of eligibility for the program, or on the specific date chosen by the beneficiary. A request can also be made from the age of 64.
Eligibility: Both those who are still employed and those who have never held a job may be eligible. It is aimed at citizens or residents who have received their authorization at the time of the request. In addition, it is necessary to have lived in Canadafor at least ten years since the age of 18. Those living outside the countrymust, for their part, have lived in the territory for at least 20 years since the age of majority.
Amount: People aged 65 to 74 eligible for the Old Age Security program can receive up to $718.13 per month – this maximum amount has been increased (approximately $5 more) for the period from July to September 2024. The amount they can benefit from is determined based on their 2023 net annual income – which must not have exceeded $142,609.
The population aged 75 or over can receive an amount of up to $790.16 depending on the income earned in 2023. This maximum amount has also benefited from an increase of approximately $5 per month. Please note that people who received more than $148,179 last year are not entitled to this financial assistance.
Payment date: October 29, 2024
Website explaining Old Age Security
Guaranteed Income Supplement
This financial assistance is a monthly payment that can also be obtained from the age of 65. Offered to low-income recipients of the Old Age Security (OAS) pension, the Guaranteed Income Supplement (GIS) is not taxable.
Most of the time, the CRA sends a letter to beneficiaries – the month after their 64th birthday – to inform them of the precise date on which they can receive their very first payment. In other cases, eligible individuals may need to apply.
Eligibility: Citizens living in Canada, who receive the Old Age Security (OAS) pension and whose income is less than the following amounts:
- $21,768 if you are single, widowed or divorced;
- $28,752 if your common-law partner receives the full OAS pension;
- $52,176 if your common-law partner does not receive an OAS pension;
- $40,272 if your de facto spouse receives the Allowance (see information below).
Amount: From $645.84 to $1,072.93 depending on your marital status and your income from the previous year (or, in the case of a couple, combined income).
It is now possible to calculate the amounts of benefits to be received using the Government of Canada’s Old Age Security benefit estimation tool.
Payment date: October 29, 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 $40,272.
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 $1,364.17 based on your marital status and your income from the previous year (or, in the case of a couple, your combined income).
Note that the allocation was revised in July and will be revised again in October to reflect increases in the cost of living measured by the Consumer Price Index (CPI).
Payment date: October 29, 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 whose life partnerdied. However, to be eligible for this assistance, it is not possible to be remarried or living in a common-law relationship with another person since the death of your partner.
Additionally, eligible taxpayers must apply between the ages of 60 and 64 – or at most, eleven months before their 60th birthday depending on their situation.
Eligibility: Eligible widows with an annual income below the maximum annual income threshold for the Survivor’s Allowance, i.e. $29,328.
Amount: Up to $1,626.20 based on your income from the previous year.
This allowance was revised in July and the amount will also be reviewed in October depending on increases in the cost of living.
Payment date: October 29, 2024
Website explaining the Survivor’s Allowance
Quebec Pension Plan (QPP)
The objective of this program is to guarantee 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 most taxpayers wait until age 65 to submit their application, it is possible to receive reduced payments as early as age 60. Moreover, new since this year: the maximum age has been pushed back to 72 years.
In addition, people aged 65 or over now have the possibility of ending their contributions to the Plan, even if they are still active in the job market. By choosing this option, contributions from their employer will also stop.
As of this year, the maximum retirement pension from the basic QPP plan amounts to $16,015 for a person who requests it at age 65 and whose income was $73,200. With the introduction of the supplementary plan, this retirement pension will increase to $24,409 over the next 40 years.
Eligibility: People aged 60 and over who have worked in Quebec for at least one year.
Amount: Depending on contributions, 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: October 31, 2024
Website explaining the Quebec Pension Plan (QPP)
