The Canada Revenue Agency (CRA) is set to issue a double payment to eligible Canadians in October 2024. This special payment aims to provide additional financial support to low- and middle-income families and individuals amid rising living costs. Here’s a detailed look at the double payment, including eligibility criteria, payment dates, and amounts.
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What is the CRA Double Payment October 2024?
The CRA double payment refers to two combined payments issued by the government in October 2024. These payments are related to tax credits and benefits programs such as the Goods and Services Tax (GST) Credit and the Climate Action Incentive (CAI). The double payment is not a new benefit but rather a combination of existing benefits issued together to provide extra relief to Canadians.
Why Are Double Payments Being Issued?
The Canadian government has recognized the financial challenges that many citizens are facing, especially with inflation and increased costs of living. To alleviate some of this burden, the CRA will issue both the regular GST Credit and the quarterly Climate Action Incentive payment at the same time, effectively doubling the payment amount for the month.
Key Benefits Included in the Double Payment
- GST Credit
- The GST Credit is a tax-free quarterly payment designed to help individuals and families with low or modest incomes offset the GST or HST they pay. Eligible Canadians will receive their regular quarterly GST Credit in October.
- Climate Action Incentive (CAI) Payment
- The CAI is provided to residents of provinces where the federal government has implemented a carbon tax (Alberta, Saskatchewan, Manitoba, and Ontario). In October 2024, the CAI will be paid alongside the GST Credit, doubling the total benefit amount for eligible residents in these provinces.
Eligibility for the CRA Double Payment
To qualify for the double payment, you must meet the eligibility criteria for both the GST Credit and the Climate Action Incentive payment.
Eligibility for the GST Credit:
- Must be a Canadian resident for income tax purposes.
- Income below the set threshold based on your family size.
- Filed your income tax return for 2023.
Eligibility for the Climate Action Incentive:
- Must reside in a participating province (Alberta, Saskatchewan, Manitoba, or Ontario).
- Filed your 2023 income tax return.
How Much Will You Receive?
The amount you receive will depend on your family size, income, and eligibility for the GST Credit and the Climate Action Incentive.
Sample Double Payment Amounts:
- Single individual: Could receive up to $234 in total.
- Couples with two children: May receive up to $680 in total.
- Seniors and low-income individuals: Additional supplements may be added, increasing the total payment.
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CRA Double Payment Dates October 2024
The double payment will be issued on the regular payment date in October. While exact dates may vary slightly by bank, the general payment date for the GST Credit and Climate Action Incentive is October 13, 2024.
How to Check Your Eligibility
To verify your eligibility, you can check your My CRA Account or review your Notice of Assessment from your 2023 tax return. This will give you insight into the benefits you qualify for, including the GST Credit and CAI.
The CRA double payment in October 2024 is a welcome relief for many Canadians facing financial challenges. By combining the GST Credit and Climate Action Incentive payment, eligible individuals and families can receive a significant financial boost during this period. Ensure your eligibility by keeping your tax filings up to date and monitoring your CRA account for any updates.