The Canadian government, through the Canada Revenue Agency (CRA), is offering an extra $1,200 to low-income seniors to help manage their expenses. Find out what this means and who is eligible:
What is the $1,200 Extra Payment?
- Purpose: To provide financial assistance to low-income seniors to help with the cost of living and inflation.
- Amount: An additional $1,200, which is tax-free.
Who is Eligible?
- Age Criteria: Seniors aged 65 and above.
- Income Criteria: Those who are eligible for the Canada Pension Plan (CPP) and Old Age Security (OAS).
- Birth Date Criteria: Seniors born after December 27, 1967.
- Other Requirements: Must be facing financial hardship and meet specific criteria set by the CRA.
How Will It Help?
- Financial Relief: This extra payment aims to reduce the financial burden on seniors, especially with rising living costs.
- Health and Well-being: Better access to healthcare and a more comfortable life during retirement.
How Will Seniors Receive This Payment?
- Method: The $1,200 will be deposited directly into the bank accounts of eligible seniors.
- Timing: The payments are scheduled for the year 2024.
Why Is This Important?
- Government Support: This initiative is part of the government’s efforts to support seniors, recognizing their contributions to society.
- Additional Benefits: Along with this payment, seniors may also receive other benefits like the Guaranteed Income Supplement (GIS).