With the new year in full swing, many Canadians are feeling the weight of rising expenses. Fortunately, several government benefit payments are scheduled for February 2025, offering much-needed financial relief to eligible individuals, families, seniors, and students. Here’s a breakdown of the key benefit cheques arriving next month.
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Canada Pension Plan (CPP) & Old Age Security (OAS)
The Canadian retirement benefits system includes Old Age Security (OAS), the Guaranteed Income Supplement (GIS), allowances, and the Canada Pension Plan (CPP). Here’s what recipients can expect:
CPP Benefits
- Canadians aged 65 and older are eligible to receive a maximum monthly CPP payment of $1,306.57.
- Payments are made on a monthly basis.
OAS Pension
- Individuals aged 65 to 74 with an annual income below $148,451 will receive up to $707.68 per month.
- Those 75 and older with an annual income below $154,196 will receive up to $880.44 per month.
- OAS payments are reviewed quarterly (January, April, July, and October) to reflect cost-of-living adjustments.
- Next payment date: February 26, 2025
GIS Payment Increase 2025: Check out the Payout
Canada Child Benefit Gets Extended Support for Grieving Families in 2025
Quebec Residents Will Receive 8 Government Benefits in February 2025
How Much will CPP increase by 2025 in Canada?
OAS Maximum 2025: Updates on Increase, Clawback, Rates & Contributions
Canada Child Benefit (CCB)
The Canada Revenue Agency (CRA) administers the tax-free Canada Child Benefit (CCB) to help families with children under 18. Eligible families may also receive additional provincial or territorial child benefits.
- Next payment date: February 20, 2025
- The Ontario Child Benefit provides up to $1,607 per child annually, depending on household income and the number of children.
Ontario Trillium Benefit (OTB)
The Ontario Trillium Benefit (OTB) combines three financial support programs:
- Ontario Energy and Property Tax Credit
- Northern Ontario Energy Credit
- Ontario Sales Tax Credit
- Next payment date: February 10, 2025
Veteran Disability Pension
This tax-free monthly payment supports veterans and service members who have experienced service-related injuries or illnesses. Eligible recipients include:
- Canadian Armed Forces members
- RCMP personnel
- Veterans of World War II and the Korean War
Veterans can opt for:
- Pain and Suffering Compensation (lifetime monthly or lump sum payment)
- Disability Pension (which may include additional financial support for dependents)
- Next payment date: February 28, 2025
New Benefits for Students Under 25
Students with a parent who is deceased or disabled and contributed to the Canada Pension Plan (CPP) may qualify for financial support.
- Part-time students (ages 18-24): $150.89 per month
- Full-time students: $301.77 per month
- Payment dates: To be announced
- Students must meet minimum school attendance requirements to qualify.
Ontario Taxpayer Rebate
Most Ontarians will receive a tax-free $200 rebate as part of government support for residents.
Eligibility Requirements:
- Must have been 18+ years old by December 31, 2023.
- Must have been an Ontario resident as of December 31, 2023.
- Must file their 2023 tax return by the end of 2024.
- Must not be incarcerated or bankrupt in 2024.
Extra $200 for Parents
- Those who receive Canada Child Benefit (CCB) payments in 2024 will get an additional $200 per child.
- Payments will go to the primary recipient of the CCB.
- Exact payment date: Early 2025 (to be announced).
Property Tax Assistance for Seniors & Disabled Individuals
Low-income seniors (65+) and individuals with disabilities who own and live in their homes for at least one year may be eligible for a property tax rebate if they receive:
- Guaranteed Income Supplement (GIS), or
- Ontario Disability Support Program (ODSP) benefits
Eligibility Rules:
- If a married couple owns the property, at least one spouse must receive GIS or ODSP.
- If two siblings own the property, both must receive GIS or ODSP.
- Property owners who qualify for the tax rebate automatically qualify for the Stormwater Charge Subsidy.
With multiple benefit payments scheduled in February 2025, eligible Canadians can look forward to financial relief amid increasing costs. Be sure to check your eligibility and payment schedules to maximize your benefits.