3 New CRA Benefits: The Canada’s CRA has announced the three main benefits for December 2024. These benefits are intended to assist low- to moderate-income earners, families, and seniors in managing growing expenses and preserving their financial security. The CRA’s December 2024 offerings could have a big impact on your goals of providing for your family, cutting living expenses, or securing a secure retirement.
We’ll go over the new CRA benefits for December 2024, how to qualify, and how to apply in this extensive guide. We’ll also go over the particular benefits that each program provides, making sure you have all the knowledge you need to optimize your eligibility and financial gains. Continue reading to make sure you don’t pass up these helpful resources.
Canada 3 New CRA Benefits for December 2024
These benefits are intended to assist low- to moderate-income earners, families, and seniors in managing growing expenses and preserving their financial security. The CRA’s December 2024 offerings could have a big impact on your goals of providing for your family, cutting living expenses, or securing a secure retirement.
| Benefit | Edibility |
| Canada Child Benefit (CCB) | Families with children under 18 |
| Ontario Trillium Benefit (OTB) | Low- to moderate-income Ontario residents |
| CPP & OAS Payments | Seniors aged 65+ |
New CRA Offer Benefits in December 2024
1. Child Benefit Canada (CCB)
The Canada Child Benefit is a tax-free monthly payment designed to help families with children under the age of 18 year.
| Name of the Benefit | Canada Child Benefit |
| Eligibility Requirement | Residency: For taxation purposes, you must be a resident of Canada. |
| Age of the Child: Have a child under the age of 18 year. | |
| Primary Caregiver: The primary caregiver is primarily in charge of the child’s upbringing and care. | |
| Legal Status: You must be a Canadian citizen, permanent resident, protected person, or temporary resident who has been in Canada for at least 18 months, as must your spouse or common-law partner. | |
| Key Benefits | Tax-Free Payments |
| Flexible Spending | |
| Income-Based Calculations | |
| Benefit Amount | In the 2024-25, families could receive up to $8,000 for each child |
2. The Ontario Trillium Benefit (OTB)
The Ontario Trillium Benefit helps residents with their energy, property tax, and sales tax expenses by combining three credits into a single payment. For households with low to moderate incomes that are having difficulty keeping up with the rising costs of living, this is especially helpful.
3. OAS and CPP Benefits
For seniors who depend on a steady income in retirement, the Canada Pension Plan (CPP) and Old Age Security (OAS) benefits are crucial.
| Name of the Benefit | OAS and CPP Benefits |
| Eligibility Criteria | CPP: A minimum age of 60 is required. Have contributed to CPP at least once. |
| OAS: Must be at least 65 year old. | |
| Lived in Canada for at least 10 years after turning eighteen. | |
| Benefit Amount | CPP:at the age of 65 year themaximum amount is $1,364.60on the monthly basis. |
| OAS: Monthly payment ranges from $727.67 for ages 65 year to 74 years to $800.44 for those more than 75 year. |
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Application Procedure
Step 1:Make sure you have all the necessary documents such as:Income Proof, tax returns and T4 slips proof of residency and Id proof.
Step 2:The OTB benefits are automatically calculated when you file your taxes. Make sure you file your 2023 return by the due date.
Step 3:To submit applications quickly and securely, use the CRA’s My Account portal.
Step 4:To prevent delays, set up direct deposit. You can also monitor your payment schedule through My Account.
FAQs
Do I have to submit an application for these benefits each year?
Your filed tax return is used to reevaluate your eligibility for the majority of benefits each year.
What occurs if I fail to meet the deadline?
Late applications could lead to disqualification or delayed payments. To avoid missing out, file as soon as you can.
How can I find out if I qualify?
You can use the CRA’s online calculator tools to verify your eligibility, in addition to the information provided above.
Am I eligible for multiple benefits?
Yes, if you meet the requirements for each benefit, you can be eligible for more than one
