The Government of Canada offers a variety of programs to financially support Canadians in certain situations. Depending on your circumstances, you may be eligible for financial support through one or more of the available programs. These programs may be offered through the federal or provincial government. Given the number of programs and information available, it can be hard to decipher which one applies to you.
We’ve compiled a list of programs offered by the government to help you sift through the information. Learn about all the different programs, the eligibility requirements, the application process, the payments dates, and more.
Social Assistance Programs
In Canada, most provinces have their own social assistance programs. These programs are intended to financially support those who are unable to afford basic needs like food, clothing, and shelter.
Unlike Employment Insurance (EI), which is a temporary income support program, social assistance is a program that is meant to reduce poverty and help Canadians access resources that will allow them to enter the workforce.
Depending on the province, the social assistance payment amounts will vary as will the eligibility requirements.
While a baby can be an exciting and life-changing event for a person, it is also a huge financial responsibility. According to the CPA, Canadians spend on average $10,000 to $15,000 a year to raise a child. That sums up to $180,000 to $270,000 by the time a child reaches adulthood. While this may be affordable for some families, others aren’t as fortunate. Moreover, many mothers are physically unable to work right after giving birth and often stay home to care for their children. That usually leaves people with one income if they have a partner, otherwise, they only have their savings to rely on. Thankfully, both the federal and provincial governments offer programs to help parents financially during this special time.
Additionally, parents can take advantage of other tax credits and deductions to help cover the cost of raising a child; including school expenses and medical expenses.
According to a report by Statistics Canada, about 22% of the Canadian population lives with at least one form of disability. Many of those with a disability, particularly those with a severe one, are living in poverty. This may be because, those with a disability between 25 and 64 years old, are less likely to be employed than those without a disability. Moreover, depending on the type and severity of the disability, some may require disability aids, devices, and medication, which are often very expensive.
In order to combat the inequality this group faces, both the federal and provincial governments have created programs to help cover some of the expenses associated with having a disability.
In general, it is said that you’ll need approximately 70% of your pre-retirement income to comfortably afford your expenses after you retire.
In order to help you fund your retirement, both the federal and provincial governments offer a number of programs that will help you retire comfortably. These programs are meant to be alternative sources of income to your RRSP.
You can create a CRA My Account by either signing up through the CRA website under “My Account for Individuals” or by signing in through your bank through “CRA Partner”. To learn how, please check out “how to open a CRA My Account”.
Do you have any unclaimed CRA cheques?
To check if you have any unclaimed cheques with the CRA, simply go to your CRA My Account and click “uncashed cheques” under the “Related Services” tab.
When do I have to file my taxes?
Individual tax returns must be filed by April 30 of each year. If you do not, any amounts that you owe to the CRA will accrue interest. For self-employed individuals, tax returns must be filed by June 15 of each year.
Are there any other government financing programs for businesses?
The Government of Canada has many programs to help Canadians fund their business. They offer business financing, grants, loans, capital investments, and wage subsidies programs. Some of the most popular programs are the BDC Small Business Loan and the Canada Small Business Financing Program.
What does OAS clawback mean?
Your Old Age Security payments are largely based on your income. So if your income goes over a certain amount in any given year, the amount of OAS your eligible for can change. If the government realizes you’re receiving more than your eligible for, you’ll have to pay back a certain amount. This is called OAS clawback.
Are there any government programs to help seniors with property taxes?
If you’re a low-income senior who’d had trouble keeping up with your property tax payments, then you should check out these senior property tax deferral programs. Depending on the province you live in, you may be eligible to defer your payments to a later time. However, you will have to pay interest on the deferred amount.
Whether you’re unemployed, have a low income, are looking to save on taxes, or need help covering basic expenses, the government of Canada has a program to support you. Be sure to check both the federal and provincial government programs to see which programs are available to you.
All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.
When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.
Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.
Your data is protected and your connection is encrypted.