Canadians can look forward to a new wave of financial relief from the Canada Revenue Agency (CRA) this October 2024. With five significant benefits scheduled for distribution, eligible Canadian residents—including temporary workers and newcomers—should ensure they are receiving the financial support they qualify for.
Table of Contents
In this article, we’ll cover the key details about each benefit, including who is eligible, how much you might receive, and important dates to remember.
Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) is a tax-free monthly payment aimed at helping families manage the expenses of raising children under 18. The benefit amount is determined based on the family’s adjusted family net income (AFNI) and is recalculated every July.
Eligibility: All Canadian residents are eligible, including temporary residents who have lived in Canada for at least 18 consecutive months and hold a valid permit in the 19th month. Families need to apply once they settle in Canada to start receiving the CCB.
Payment Amounts:
- Up to $7,786.92 annually ($648.91 per month) for each child under 6 years of age.
- Up to $6,570 annually ($547.5 per month) for children aged 6 to 17.
Payments decrease gradually as AFNI exceeds $36,502.
Next Payment Dates: Mark your calendar for October 18, November 20, and December 13, 2024, for your next CCB installments.
HST/GST Payment
The GST/HST credit is a quarterly, tax-free payment that supports low- and moderate-income households with the cost of the Goods and Services Tax (GST) and Harmonized Sales Tax (HST).
Eligibility: Canadian residents, including temporary residents, receive this credit automatically upon filing their taxes. No separate application is required.
Payment Amounts:
- Up to $519 annually for individuals.
- Up to $680 annually for couples.
- An additional $179 per child under 19 years of age.
Next Payment Dates: The next GST/HST credit payment is scheduled for October 4, 2024, with subsequent payments on January 3, 2025, and April 4, 2025.
Advanced Canada Workers Benefit (ACWB)
The Advanced Canada Workers Benefit (ACWB) provides refundable tax credits to low-income individuals and families, aiming to encourage employment 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.
- Families can receive up to $2,616.
These benefits are distributed in three quarterly payments.
Next Payment Dates: The upcoming ACWB payments are scheduled for October 11, 2024, and January 10, 2025.
Canada Carbon Rebate (CCR)—Formerly Known as CAIP
The Canada Carbon Rebate (CCR) helps offset the costs associated with federal pollution pricing, making environmentally friendly policies more affordable.
Eligibility: Available to residents in provinces affected by 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: CCR payments will be made on October 15, 2024, January 15, 2025, and April 14, 2025.
OAS Payment Dates 2024, Increase & More!
CPP & OAS Increase 2024: Future Benefits & What to Expect
GST/HST Payment Dates 2024: Who Qualify for Double CreditCRA OTB Notice: What It Means and How to Respond
$1250 Monthly OAS Payment September 2024: What You Need to Know
Ontario Trillium Benefit (OTB)
The Ontario Trillium Benefit (OTB) provides relief to low- to moderate-income residents of Ontario. It combines three credits: the Ontario Energy and Property Tax Credit, the Ontario Sales Tax Credit, and the Northern Ontario Energy Credit.
Eligibility: Ontario residents who have filed a 2023 tax return are eligible. Temporary residents who meet residency requirements may also qualify.
Payment Amounts: Payment amounts vary based on individual circumstances and income, with a maximum of up to $1,013 annually. Payments can be made monthly or as a lump sum.
Next Payment Date: The next OTB payment is scheduled for October 10, 2024.
Eligibility for Temporary Residents & Newcomers
Temporary residents, including international students and work permit holders, are also eligible for these CRA benefits if they meet the residency and income requirements. Newcomers to Canada should apply for these benefits after arriving to maximize their financial support.
For more information on eligibility criteria, payment schedules, and application procedures, visit the official CRA website or use your MyCRA Account.
Staying informed about these benefits is crucial for navigating financial challenges, especially for new or temporary residents in Canada. Ensure you apply on time to receive the financial assistance you’re entitled to.