Canada residents are set to receive a new round of payments from the Canada Revenue Agency (CRA) in October 2024, aimed at providing financial support amid rising living costs.
Immigration News Canada informs that the CRA will distribute five major benefits this month, which are crucial for eligible Canadian residents, including temporary workers and newcomers.
These payments are essential for individuals and families seeking financial assistance during these challenging economic times.
Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) offers tax-free monthly payments to families with children under 18 to help cover the costs of raising children.
According to reports, the amount of the benefit is determined based on the family’s adjusted family net income (AFNI) and is recalculated annually in July.
Eligibility:
Immigration News Canada states that all Canadian residents, including temporary residents who have lived in Canada for at least 18 consecutive months with a valid permit in the 19th month, are eligible for the CCB.
Newcomers who arrived after tax filing deadlines must apply online via My Account or by mail using Form RC66, Canada Child Benefits Application.
Payment Amounts:
Families with children under six years old can receive up to $7,786.92 annually, or $648.91 per month. For children aged six to 17, the benefit can reach up to $6,570 annually, or $547.50 per month. Payments decrease as the AFNI exceeds $36,502.
Next Payment Dates:
The upcoming CCB payments are scheduled for October 18th, November 20th, and December 13th, 2024.
GST/HST Credit
The GST/HST credit is a financial benefit provided every three months to help households with low to moderate incomes cover the cost of the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) they pay on goods and services.
This credit is tax-free, meaning it does not need to be reported as income on your tax return, and it is designed to reduce the financial burden of these taxes on eligible households.
Eligibility: Canadian residents, including temporary residents, automatically receive this credit after filing taxes, and no separate application is necessary.
Payment Amounts: Individuals can receive up to $519 annually, couples up to $680, and an additional $179 per child under 19 years of age.
Next Payment Dates: The next GST/HST credit payments are on October 4th, 2024, January 3rd, 2025, and April 4th, 2025.
Advanced Canada Workers Benefit (ACWB)
The Advanced Canada Workers Benefit (ACWB) offers financial support in the form of refundable tax credits to individuals and families with low incomes.
This means that if you qualify, you can receive this benefit even if you do not owe taxes. The ACWB is intended to encourage employment and provide extra financial help to those with modest earnings, making it easier for them to manage their expenses.
Eligibility: To qualify, individuals must be Canadian residents aged 19 or older, or live with a spouse or child. Income thresholds vary by province.
Payment Amounts: Single individuals can receive up to $1,518 annually, while families can receive up to $2,616. Payments are made in three quarterly instalments.
Next Payment Dates: The next ACWB payments will be on October 11th, 2024, and January 10th, 2025.
Canada Carbon Rebate (CCR) – Formerly Known as CAIP
The Canada Carbon Rebate (CCR) is a financial benefit aimed at reducing the impact of federal pollution pricing on individuals and families. It helps cover the costs associated with carbon pricing, which is a fee applied to businesses and consumers for their carbon emissions.
By providing this rebate, the government makes it easier for people to afford environmentally friendly practices and policies that might otherwise be more expensive due to the added costs of carbon pricing.
Eligibility: This rebate is available to residents in provinces subject to federal pollution pricing, such as Alberta, Saskatchewan, Manitoba, Ontario, and others.
Payment Amounts: The amount varies by province and region, with additional funds for residents of rural or small communities.
Next Payment Dates: CCR payments are scheduled for October 15, 2024, January 15, 2025, and April 14, 2025.
Ontario Trillium Benefit (OTB)
The Ontario Trillium Benefit (OTB) provides financial assistance to residents of Ontario with low to moderate incomes. It combines three separate credits into one payment:
- Ontario Energy and Property Tax Credit: Helps with the costs of energy and property taxes.
- Ontario Sales Tax Credit: Assists with the cost of sales tax on goods and services.
- Northern Ontario Energy Credit: Offers additional support for energy costs in Northern Ontario.
By consolidating these credits, the OTB simplifies the process and provides a single payment to help reduce the overall cost of living.
Eligibility: Ontario residents who have filed a 2023 tax return are eligible, including temporary residents who meet the residency requirements.
Payment Amounts: The OTB can provide up to $1,013 annually, with payments made monthly or as a lump sum, depending on the filing choice.
Next Payment Date: The next OTB payment is set for October 10, 2024.
Eligibility for Temporary Residents and Newcomers:
Reports assure that temporary residents, including international students and work permit holders, are eligible for these CRA benefits if they meet the residency and income requirements.
Newcomers to Canada are advised to apply for these benefits upon arrival to receive financial support. For information on eligibility, payment schedules, and the application process, individuals should visit the CRA website.
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