In December 2024, eligible Canadian residents can look forward to receiving important benefits from the Canada Revenue Agency (CRA), including payments under the Old Age Security (OAS), Canada Pension Plan (CPP), and Canada Workers Benefit (CWB) programs. These benefits provide crucial financial assistance to seniors, retirees, and low-income workers. This article outlines the payment schedule for these benefits, along with eligibility criteria and other key details to ensure you receive your payments on tim
What Are the CRA Benefits?
Old Age Security (OAS)
OAS is a monthly payment designed to provide financial support to Canadian seniors aged 65 and older. The amount you receive depends on how long you’ve lived in Canada after turning 18.
Canada Pension Plan (CPP)
The CPP is a national program that offers income to individuals who have contributed to the plan during their working years. CPP benefits are available to retirees, individuals with disabilities, and survivors of deceased contributors.
Canada Workers Benefit (CWB)
The CWB is a refundable tax credit aimed at providing financial relief to low-income working individuals and families. It is designed to help those with low earnings make ends meet while encouraging employment.
CRA Payment Dates for December 2024
Old Age Security (OAS) Payment Date
The OAS payment for December 2024 will be issued on December 29, 2024. If the payment date falls on a weekend or holiday, it will typically be processed on the next available business day.
Canada Pension Plan (CPP) Payment Date
The CPP payment for December 2024 will be issued on December 30, 2024. This payment will follow the typical end-of-month schedule for CPP benefits.
Canada Workers Benefit (CWB) Payment Date
The CWB payment for December 2024 will be issued on December 15, 2024. This payment is part of the regular disbursement schedule for the benefit.
Eligibility Requirements
OAS Eligibility
To qualify for OAS, you must be 65 or older and have lived in Canada for at least 10 years after turning 18. The amount you receive may vary based on how long you’ve been a resident of Canada.
CPP Eligibility
To qualify for CPP, you need to have contributed to the plan during your working years. CPP benefits are available to individuals who are retired, disabled, or have lost a spouse or common-law partner. The benefit amount depends on the contributions made during your working years.
CWB Eligibility
The CWB is available to low-income working individuals or families. To qualify, you must be employed and meet the income eligibility criteria. The benefit amount depends on your income level, family size, and other factors.
What to Do If You Haven’t Received Your Payments
If you haven’t received your OAS, CPP, or CWB payments by the expected date, follow these steps:
- Check Your Account Information: Confirm that your bank account or mailing address details are correct in the CRA’s system.
- Verify Your Eligibility: Make sure you meet all the eligibility requirements for the benefits you are expecting.
- Contact the CRA: If you’ve verified your details and eligibility but still haven’t received your payments, contact the CRA to inquire about the status of your payment.
FAQs
1. When will I receive my OAS payment in December 2024?
OAS payments will be issued on December 29, 2024.
2. What is the payment date for CPP benefits in December 2024?
CPP payments will be issued on December 30, 2024.
3. When will I receive my CWB payment in December 2024?
CWB payments for December 2024 will be issued on December 15, 2024.
4. How do I qualify for OAS?
You need to be at least 65 years old and have lived in Canada for a minimum of 10 years after the age of 18 to qualify for OAS.
5. Who qualifies for CPP benefits?
To qualify for CPP, you must have contributed to the program during your working years. Benefits are available to retirees, individuals with disabilities, and survivors of deceased contributors.