This Month There Are Three New Payments: $2800, $1850, and $960

Seniors of the Canada, there is a good news for you! There will be three new payments from the federal government. $2800, $1850 and $960 will be the new payments. The purpose of this program is to help seniors with low-income, and high-cost of living by giving them CPP payments, and bonus payments. Read more to find out about these payments, Deposit news, dates, and Eligibility criteria.

Overview :

Soon, the Canadians will receive financial help by the government deposit, ranging from $2800 to $960, based on person’s circumstances and the specific programs. The Canada Emergency Response Benefit (CERB), the Canada Housing Benefit (CHB), and the Old Age Security (OAS) are some of the payments.

Also Read: D-SNAP Benefits for 2024

CERB Payment :

The CREB program aims to help those who have lost their jobs or had their income deduction due to the COVID-19 Pandemic, by helping them with their financials. Although, the program is already ended, there have been discussions about giving eligible recipients a one-time payment of up to $2800. The government has not yet made any official announcements, so as of July, no one knew the dates of the deposits.

CHB Payment :

The CHB helps with low-incomes pay their rents. This program could give up to $1,850 annually, with an anticipated increase this month. The Date of deposit will be soon announced by the Canada Revenue Agency (CRA). The payment is expecting arrive by the end of the month.

OAS Payment :

The Canadian seniors aged 65 and above will be getting their monthly payments, which will be provided by the OAS pension. The beneficiaries who are eligible will get up to $960 annually from the OAS Benefit. This will be changed every year to match the cost of living. August 1st, 2024, will be the date of the increase.

Also Read: U.S. Government Announces New Retirement Payment Requirements

Deposit News :

The main purpose of these three payments is to help with their important finances. The announcement of deposit times for the $2800 CERB top-up remains unclear. The announcement of the $1,850 CHB increase should be made public soon, and the $960 OAS increase will be included in the upcoming monthly payments starting August 1st, 2024.

Payment Dates :

As of now, there has been no public word about the top-up payment for the CERB Benefits. The Canada service page is likely to have the latest updates and information about the benefits.

As for the CHB payment increase, it is expected to happen next month. People who have already received their CHB payments will receive the additional boosted benefits directly into their bank accounts.

The OAS payment is typically due on the first day of every month, with the increased amount reflected in the August 1st, 2024 payment.

Eligibility Criteria :

People who got approval and received their payments previously between any specific dates are eligible for the CERB benefits.

CHB Eligibility :

The Canadians who pay their rents for the primary residence and have a household income below the federal threshold, are eligible for the CHB benefits.

OAS Eligibility :

People who are Canadian citizens or permanent residents who have stayed in Canada for at least 10 years after turning 18 will be able to get the OAS pension. Minimum income is also required to be eligible for the OAS benefit.

In short, the three payments of $2800, $1,850, and $960 which will be provided by the Canadian government aims to help seniors with low-income and other eligible individuals facing economic challenges. Keep up with updates of the official announcement for precise deposit dates and further informative details.

FAQs :