In October 2024, Canadians are set to receive a new batch of payments from the Canada Revenue Agency (CRA). These payments aim to provide financial assistance to eligible Canadian residents, including temporary workers and immigrants, ensuring they receive the support they are entitled to. Five significant benefits are scheduled for distribution.
Table of Contents
Overview of the New CRA Benefits
- Canada Child Benefit (CCB)
A tax-free monthly payment that helps families cover the costs of raising children under 18. Eligible families can receive up to $7,786.92 annually. Payments are scheduled for October 18, 2024, and November 20, 2024. - HST/GST Payment
Individuals can receive up to $519 annually, with couples eligible for up to $680 plus an additional $179 for each child under 19. Payments will be made on October 4, 2024, and subsequent payments are planned for January 3, 2025, and April 4, 2025. - Advanced Canada Workers Benefit (ACWB)
This benefit provides up to $1,518 annually for individuals and up to $2,616 for families. The first payment is scheduled for October 11, 2024, with follow-up payments on January 10, 2025. - Canada Carbon Rebate (CCR)
This rebate helps offset costs associated with federal pollution pricing and varies by province. Payments are set for October 15, 2024, with additional payments on January 15, 2025, and April 14, 2025. - Ontario Trillium Benefit (OTB)
Ontario residents can receive $1,013 annually if they file a tax return in 2023, with payments expected on October 10, 2024.
Eligibility for Newcomers and Temporary Residents
International students and temporary residents are also eligible for these benefits if they meet specific income and residency requirements. Newcomers must apply for these benefits upon fulfilling residency criteria, especially for the CCB. Applications can be made easily through the MyCRA Account or by submitting the necessary documents to the tax center.
Understanding these payment schedules and eligibility requirements is essential for managing financial challenges effectively, particularly for new or temporary residents in Canada.
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Stay informed about your financial entitlements through the CRA to ensure you are maximizing the support available to you. Whether you are a permanent resident or a temporary resident, these benefits can provide significant assistance during your stay in Canada.