Get all relevant updates regarding the $3500 Extra CPP Pension News for Seniors in April 2024: Fact Check and Full Details here. CRA will consider the eligibility before providing the Canada $3500 Extra CPP Pension to the seniors. The inflated amount is introduced to assist the aged in coping with the financial challenges faced due to the elevated Cost Of Living. In this post, we have shared all the authentic details regarding the $3500 Extra CPP Pension News for Seniors more constructive manner.
$3500 Extra CPP Pension News for Seniors in April 2024
The poverty rate in Canada in the year 2023 was 7.04 %, which is high compared to the prior two years. The same goes for the poverty rate among the disabled, which is plenty. Hence, this is the main reason the authorities are providing the disabled with a $3500 CPP pension. It will provide more help to the handicapped and the post-retired seniors in the nation.
People who are physically disabled can apply for the CPP Pension, which will provide them with $3500 if their application is successfully processed. Bill C -22 was introduced by the government to reduce poverty and to help the handicapped to build their strength by providing them with financial support.
- $1220 One Time Payment
- OAS Survivor Benefits
- Canada Minimum Wage
- CPP Disability Increase 2024
- ODSP Increase 2024
- Carbon Tax Changes 2024
$3500 Extra CPP Pension Eligibility Criteria
Mentioned below are a few requirements that the applicant should follow before claiming the CPP Pension.
- The disabled or the Handicapped applying for it must be under 65 years of age.
- A person suffering from physical as well as mental health can apply for the same.
- The disability is endless or lengthy, which can even result in death.
- Individuals already receiving the CPP and are above 70 years are eligible.
If you meet all the elighibility shared in the list, you are entitled to the inflated Pension payment.
$3500 Extra CPP Pension Full Details
The basic retirement age in Canada is 65 years, which is also the legal age for receiving a CPP pension. Also, the citizens who desire to get a pension early can do so the only disadvantage will be that they will receive a minimum amount of pension. A month before turning 65 the eligible citizen can apply for the Pension.
Have a look at the types of CPP benefits and the amount paid to the eligible.
|
CPP Benefits |
Payment Amount |
|
Retirement Pension |
$1307 |
|
Post Retirement pension |
$1537 |
|
Disability Benefits |
$1440 |
|
Post Retirement Disability Benefits |
$559 |
|
Death Benefits |
$2500 (once) |
The Canadian government has two plans: the complete pension and the partial pension. If citizens are not eligible for the complete one, then they can apply for the partial one. Generally, a person who qualifies for the full CPP pension must have spent 40 years of life in Canada after the age of 18 years.
How To Create My Service Account?
The $3500 Extra CPP Pension will be directly credited to your bank account. Follow the simple steps to get registered with MSCA. The steps are damn easy and simplified for easy registration process.
Signing Up: Sign up with your existing GCkey account or just create a new one if you do not have any. Keep in mind the eligible age (12 years)
Click on the ‘Welcome to GCkey’ button present on the screen then enter a suitable username and generate a strong password for it.
Enter your SIN: A Social Insurance Number is crucial for optimizing your profile.
Identity Verification: There are three options available to verify the identity.
- Banking information
- Social Insurance Number
- Personal Access Code
Securing the account: One can secure their account by multi-step verification so that no one else can get access to it easily.
Fact Check
The CPP Pension is anticipated to rise from $1537 to $3500, which is the maximum monthly payment amount to retirees as per the data illustrated on the official website of CRA. It is legit news that the CPP pension amount will be soon raised to $3500 for the disabled servos and post-retirees.
Canada Pension Plan is the most favored pension for seniors in Canada. The CPP is believed to rise from $ 66,600 to $ 68,500. Also, the rate of employee and employer contribution will remain the same as of last year which is 5.85%. If you are not aware of the contribution rate of CPP, we have discussed the rates for the past few years in the table below.
| Year | Maximum Pensionable Earnings | Employee and employer’s contribution rate |
| 2024 | $ 68,500 | 5.95 |
| 2023 | $ 66,600 | 5.95 |
| 2022 | $ 64,900 | 5.70 |
| 2021 | $ 61,600 | 5.45 |
| 2020 | $ 58,700 | 5.25 |
It is mandatory to link the My Service Account with the bank account in order to receive the payment duly.