Before retiring, Canadians have many questions regarding the CPP and how it can benefit them. In 2024, there is the $2,500 death benefit which is a one-time payment to assist with funeral costs for CPP contributors. In this post, we will know who is eligible for the payment, how to apply for the benefit, and the payment dates of September.
Knowing More About the $2500 CPP Death Benefit
The $2,500 death benefit helps the families of the deceased contributors to the CPP in case of their demise. This is not a monthly premium payment but a lump sum payment made to cover funeral expenses. To be eligible for the benefit, the deceased must have made contributions to CPP for not less than 10 years or one-third of his/her contributory period.
Who Can Claim the Benefit?
The death benefit claim is usually filed by the executor of the deceased’s estate. If there is no executor then this authority may go to the person who has paid for funeral expenses, the spouse or even the heir. It is quite necessary to apply as soon as possible so the family will be granted the financial assistance.
Claiming the $2500 Benefit
To apply, visit Service Canada website to fill the necessary forms that you need to fill. It means you will require information about the deceased person and other legal documents, which include death certificate. Applicants can also apply through mail or in person to any Service Canada local office.
CPP Payment dates for September 2024
For the people receiving the CPP, the next payment will be made on September 25, 2024. CPP payments, including retirement, disability and survivor benefits are usually made to the beneficiaries by the third to last business day of each month. This means that the recipients are able to receive support at the right time as they work on their financial management.
How Much CPP Can You Receive?
The amount you get each month from CPP depends on how much you contributed and at what age you retire. The basic maximum monthly retirement pension in 2024 is $1,364.60, while the average new recipient gets $758.32.
To get the most out of CPP, it is good to be updated on what is happening concerning your benefits when in the retirement plan. Some people may be eagerly awaiting the next paycheck while others may be getting ready for filing a claim for a death benefit, knowing the facts is always helpful.