Benefit payments are coming soon to those who qualify. Here’s how much

Canadians who meet specific criteria can expect to receive financial assistance from the federal government in the coming days and weeks. Several benefit payments, including Old Age Security (OAS) and the Canada Groceries and Essentials Benefit (CGEB), are scheduled for distribution.

The Canada Revenue Agency (CRA) will primarily send payments directly to bank accounts for individuals who have registered for direct deposit. For those without direct deposit, payments will be mailed, which may result in a longer delivery time. Eligibility for these benefits depends on factors such as residency, age, income thresholds, and tax-filing status.

Older Canadians will see the next Old Age Security payment arrive on June 26. Unlike the Canada Pension Plan, OAS is not based on employment contributions but rather on an individual's age and residency duration in Canada. To qualify, recipients must be Canadian citizens or legal residents and have lived in Canada for at least 10 years since turning 18.

Income plays a crucial role in OAS eligibility. Canadians aged 65 to 74 with an annual income below $148,451 can receive up to $743.05 monthly. Those 75 and older have a higher income threshold of $154,196 and can receive up to $817.36 monthly. Payments may be reduced for recipients whose income exceeds these thresholds, a phenomenon known as OAS "clawbacks."

The first Canada Groceries and Essentials Benefit payment is set to be disbursed starting July 3. This program replaces the former HST/GST credit and aims to provide greater support to Canadians facing increased living costs, particularly for food. CGEB payments will be 25 percent higher than the previous HST/GST credit until 2031.