CRA Benefit Payments: Canadians can expect a fresh round of payments from the Canada Revenue Agency (CRA) aimed at offering financial relief amidst rising living costs in October 2024.
With five major benefits set to be paid out, this is a critical time for eligible Canadian residents, including temporary workers and newcomers, to ensure they receive the financial support they are entitled to.
Whether you’re a Canadian citizen, permanent resident, or a temporary resident (such as work permit holders or international students), these payments can provide significant financial help.
For newcomers to Canada, applying for these benefits after arriving is essential to maximizing the financial assistance available.
1. Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) is a tax-free monthly payment designed to help families offset the costs of raising children under 18.
The benefit amount is based on the family’s adjusted family net income (AFNI) and recalculated annually in July.
Eligibility:
All Canadian residents, including temporary residents who have lived in Canada for at least 18 consecutive months and have a valid permit in the 19th month, are eligible.
Families need to apply once they settle in Canada to start receiving the CCB.
Newcomers to Canada who landed after tax filing deadlines need to apply for CCB online using My Account or by mail to your tax centre by filling out and signing Form RC66, Canada Child Benefits Application.
Payment Amounts:
For each child under 6 years of age, eligible families can receive up to $7,786.92 annually ($648.91 per month), while families with children aged 6 to 17 may receive up to $6,570 annually ($547.5 per month).
These payments gradually decrease as AFNI increases beyond $36,502.
Next Payment Dates
Mark your calendar for October 18, November 20, and December 13, 2024, for your next CCB installments.
2. HST/GST Payment
The GST/HST credit is a quarterly tax-free payment that helps low- and moderate-income households manage the cost of the Goods and Services Tax (GST) and Harmonized Sales Tax (HST).
Eligibility:
Automatic upon filing taxes for Canadian residents, including temporary residents. No separate application is required.
Payment Amounts:
Individuals can receive up to $519 annually, couples up to $680, with an additional $179 per child under 19 years of age.
Next Payment Dates
Expect your next GST/HST credit on October 4, 2024, followed by January 3, 2025, and April 4, 2025.
3. Advanced Canada Workers Benefit (ACWB)
The Advanced Canada Workers Benefit (ACWB) provides refundable tax credits to low-income individuals and families.
The benefit is meant to encourage work and support those with modest incomes.
Eligibility:
You must be a Canadian resident 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, and families up to $2,616, split into three quarterly payments.
Next Payment Dates
The upcoming payment dates are October 11, 2024, and January 10, 2025.
4. Canada Carbon Rebate (CCR)—Formerly Known as CAIP
The Canada Carbon Rebate (CCR) is designed to offset costs associated with federal pollution pricing, making environmentally friendly policies more affordable for Canadians.
Eligibility:
Available to residents in provinces that are subject to federal pollution pricing, including Alberta, Saskatchewan, Manitoba, Ontario, and others.
Payment Amounts:
Payments vary by province and region, with additional amounts for residents of rural or small communities.
Next Payment Dates:
There will be CCR payments on October 15, 2024, January 15, 2025, and April 14, 2025.
5. Ontario Trillium Benefit (OTB)
The Ontario Trillium Benefit (OTB) provides relief for low- to moderate-income Ontario residents.
It combines three credits: the Ontario Energy and Property Tax Credit, the Ontario Sales Tax Credit, and the Northern Ontario Energy Credit.
Eligibility:
You must be an Ontario resident and have filed a 2023 tax return. Temporary residents who meet residency requirements can also qualify.
Payment Amounts:
Payment amounts vary based on your situation and income, but the OTB can provide up to $1,013 annually.
This is paid monthly or as a lump sum, depending on the preference chosen when filing taxes.
Next Payment Date: Expect your next OTB payment on October 10, 2024.
Eligibility for Temporary Residents & Newcomers
Temporary residents, such as international students and work permit holders, are also eligible for these CRA benefits, provided they meet the residency and income requirements.
It’s important for newcomers to Canada to apply for these benefits after arriving, as doing so can offer significant financial support.
For example, newly landed families should apply for the CCB as soon as they meet the residency criteria.
Applying for CRA benefits can be done easily through your MyCRA Account or by submitting relevant forms to your tax centre.
For more details on eligibility criteria, payment schedules, and how to apply for these benefits, visit the official CRA website.
Ensuring that you are informed and up to date on these payments is key to navigating financial challenges, especially as a new or temporary resident in Canada.
