Updated on June 21, 2024
Find out when Canadians can expect the $2460 Additional Pension from CRA! The Government of Canada is rolling out a new benefit act, and this article breaks down all the details about the upcoming Additional Pension amount.
$2460 Additional Pension by CRA
The Canada Revenue Agency and the Federal Government teamed up to introduce a new benefit act, aiming to help citizens combat inflation. With Budget 2024 around the corner, plans and funds are in motion, set to take effect from April 1, 2024.
The budget allocation for pensions surpassed expectations this fiscal year, and applicants have been receiving benefits successfully. Notably, funds from the previous year, yet to be allocated, are now being utilized for additional benefit plans. These encompass various categories, such as pensions, child benefits, disability benefits, and survival plans, with the $2460 pension standing out among these allocated funds.
What is a $2460 Additional Pension?
The CRA has rolled out a plan to support elderly citizens grappling with rising living costs. As the cost of living continues to climb, retirees find themselves reliant on others for covering essential expenses. In response to this challenge, an additional pension plan has been introduced to provide a helping hand.
As part of the plan, each recipient is set to receive an additional $2460. The program is set to kick off this month, and beneficiaries will receive this amount alongside their regular CPP and OAS pensions. The supplementary amount is variable, contingent on individual pension and old age security provided by the CRA. Each beneficiary will receive a portion corresponding to their contribution.
$2460 Additional Pension Overview
| Article Name | $2460 Additional Pension |
| Country | Canada |
| Responsible Administration | Canadian Revenue Agency |
| Benefit Amount | $2460 |
| Benefit Eligiblity | seniors receiving the CPP and OAS |
| Official Website | canada.ca |
When is it coming for Canadians?
The Canadian Revenue Agency is in charge of overseeing CPP funds and benefits. The $2460 Additional Pension is integrated into the CPP + OAS fund. Eligible seniors currently receiving CPP and OAS benefits will also qualify for this supplementary plan, with the amount directly deposited into their accounts.
Payments are slated to begin this month and will continue until the announcement of the new budget plan. Expect potential changes in benefit plans across all categories with the new budget. While additional support will likely remain, some modifications in the plans are anticipated.
Payment Dates For $2460 Additional Pension 2024
The extra amount is set to be deposited alongside other benefits, forming a monthly deposit. Payments will align with the disbursement date of the CPP pension plan. Applicants are encouraged to monitor their “My Account” for details on the additional supplement.
In cases where candidates haven’t received the extra benefit with the CPP plan, they can anticipate the amount being deposited along with the OAS benefit.
Eligiblity To Receive The $2460 Additional Pension
If you’re eligible for CPP and OAS pension, you automatically qualify for the additional supplementary amount—no need to fill out any extra applications.
Fact Checks About $2460 Additional Pension
The introduction of this extra support serves as a wakeup call for the next generation, encouraging them to plan for retirement and contribute as much as they can. This contribution will have a positive impact on their future retirement plans.
Given the potential for a technical recession and the current economic conditions, the country is gearing up to face another economic challenge. In response, the budget is likely to see increased allocations to benefits, with positive expectations for modifications in additional payments.