$1660 Extra CPP Payment Date 2024: The Government of Canada is releasing CPP payments of the beneficiaries who have contributed to the Canada pension plan for 2024. Canada Revenue Agency will also release $1660 extra for the beneficiaries in the CPP payment of 2024 in Canada. So if you are also a contributor under the Canada pension plan and receiving a monthly pension from the CRA then you should check the latest updates by the Canada Revenue Agency related to the $1660 extra CPP payment for the year 2024.
Prime Minister of Canada Justin Trudeau has announced an increment in the monthly payment of old age security- OAS 2024 of $1400. It is very important news for senior citizens and pensioners of CPP in Canada who are getting a monthly pension from the government according to their contributions. The inflation in Canada is continuously increasing, so the cost of living in Canada is also going high and the government needs to ensure basic needs for Senior citizens.
CRA will release 1660 Extra CPP Payment Date 2024
However, it is only 10% implemented in the existing OAS payment in Canada but will help senior citizens cope with inflation with the extra mark of $1400. Citizens should remember that it is only a temporary increment in the monthly pension for senior citizens for the year 2023 due to continuously increasing inflation, However, the government had not increased the payment for CPP and OAS for many years but the inflation was continuously increasing. So the inflation in the year 2024 will still be high The government can continue this temporary increment in the monthly pension for senior citizens this year also.
CPP Payment date 2024
The payment schedule of the Canada Pension Plan- CPP is described on the official website of the Canada Revenue Agency for the year 2024. Usually, the monthly pension is provided at the last week of the month. The CPP Payment date 2024 for January month will be released on 29 January 2024, 27 February is decided for February month and it will go on over each month.
CPP extra payment 2024
Canada pension plan is an investment program that is prepared for employees and self-employed in Canada. The monthly contribution of the beneficiary will decide the monthly pension amount after the age of 60 or 65. The beneficiary will receive a minimum of 758.32 CAD per month However the maximum is 1364 CAD. Other benefits including Post-retirement benefits after the age of 65, Disability benefits, children of the beneficiaries, etc are also calculated while providing a monthly pension CPP plan in Canada.
If the beneficiary dies, then one-time Financial assistance of 2500 CAD will also be provided to the nominee. Now the Prime Minister is also informed about the increment in the CPP Monthly pension, so beneficiaries is now can receive up to a maximum of 1660 CAD in their bank account per month according to their eligibility. However it is only a temporary increment, but if inflation goes high in the year 2024, then the government can continue this special arrangement or can also increase the payment according to the situation.
These beneficiaries will receive CPP extra payment 2024
If you are getting the pension under CPP then you should be a permanent resident of Canada and have participated in the CPP according to your salary. Currently, the government is accepting a 4% contribution from the employees and adding 4% from the employer fund, however, self-employed have to pay an 8% contribution from their income. But if you are getting a salary under the OAS scheme of Canada then you should be a permanent resident of Canada only and should be living in the state for at least 10 years. However as long you are living in Canada after getting the age of 18, will increase the monthly payment under OAS for you.