“Don’t Miss Out: Three New Payments of $2800, $1850, and $960 This Month”

There is great news for Canadian senior citizens! The federal government is releasing three new financial aid amounts: $2800, $1850, and $960. The initiative will help low-income seniors cope with the rising cost of living, including increased CPP (Canada Pension Plan) payments and bonus assistance. Read on for more details about these payments, including the dates they are deposited and the eligibility criteria.

Overview

Canadians could soon see financial aid in the form of three potential government payments that would range from $2800 to $960. Everything depends on the person’s condition and particular programs involved. These payments are as follows:

CERB Payment

Canada Emergency Response Benefit (CERB):

This program provides financial assistance to Canadians who have had their income cut or lost a job due to the COVID-19 pandemic. Although the program has ended, there is discussion that a one-time $2800 payment could be made to eligible beneficiaries. As of July, the submission dates are not yet clear and the government has not made an official announcement.

CHB Payment

Canada Housing Benefit (CHB):

This benefit helps low-income tenants with housing costs. There is a possibility of increasing it this month, due to which it could reach $1850 annually.The date of deposit is expected to be announced by the Canada Revenue Agency, and the payment could be received by the end of the month.

OAS Payment:

Old Age Security:

This type of pension is available to Canada’s senior citizens who have reached an age of at least 65 years. It is indexed annually in relation to the cost of living rise, and this time, the qualified beneficiary shall receive an added amount of up to $960 annually. This increase shall be effective in the August 1, 2024, payments.

Deposit News

These three payments promise some much-needed financial relief. Only the CERB top-up payment of $2800 is announced unofficially, and the deposit date is not known at this writing. An announcement for the CHB increase of $1850 may come any time soon. Meanwhile, an OAS increase of $960 will be added to month-to-month payments starting August 1, 2024.

Payment Dates

There is no official announcement for a top-up payment for CERB benefits. Please refer to the website at Canada Services for updates.

The increase in the CHB payment is due next month; if you already receive a CHB payment, then the increased amount will be added directly to your bank account.

Normally, OAS pension payments are issued on the 1st of every month, and this time, too, the raised amount is added to the 1st August 2024 payment.

Eligibility Criteria

CERB will be offered to those people who gained an approval previously and made a payment during dates that were stipulated.

CHB Eligibility

CHB benefits will be available to Canadian citizens who rent for their principal residence and whose household income is below the federal threshold.

OAS Eligibility

OAS pension benefits are payable for citizens or permanent residents of Canada if they have lived in Canada for at least 10 years past their 18th birthday. There is also a minimum-income threshold before the full OAS amount is paid.

The rounding up of all economic aids for low-income seniors and other eligible people in the new initiatives of the Canadian government includes the three new payments totalling $2800, $1850, and $960, respectively. Just look for formal announcements announcing the precise dates these funds will be deposited, amongst other specifics.

FAQs