In October 2024, eligible Canadians are set to receive a series of payments from the Canada Revenue Agency (CRA).
These payments are part of five crucial benefits aimed at providing financial assistance to Canadian residents, including temporary workers and immigrants. Let’s explore these benefits, who qualifies, and when the upcoming payments are expected.
5 CRA Payments
The CRA benefits being distributed in October include the Canada Child Benefit (CCB), the HST/GST credit, the Advanced Canada Workers Benefit (ACWB), the Canada Carbon Rebate (CCR), and the Ontario Trillium Benefit (OTB).
These payments are designed to help families, low-income individuals, and others navigate financial challenges and reduce the burden of federal taxes or other costs.
CCB
The Canada Child Benefit (CCB) is a monthly, tax-free payment meant to help families with the costs of raising children under 18. The amount varies depending on income, and for 2024, eligible families can receive up to $7,786.92 annually.
Payment Information
- Eligibility: Canadian residents living in the country for at least 18 months.
- Next Payment: October 18, 2024, followed by November 20, 2024.
HST/GST Credit
The HST/GST credit provides quarterly payments to help low- and moderate-income individuals and families offset some of the taxes they pay on goods and services.
Payment Information
- Eligibility: Canadian residents who filed a tax return for the year 2023.
- Next Payment: October 4, 2024. Future payments are scheduled for January 3, 2025, and April 4, 2025.
Payment Breakdown:
- Individuals: Up to $519 annually.
- Couples: Up to $680, plus $179 per child under 19 years old.
ACWB
The Advanced Canada Workers Benefit (ACWB) provides refundable tax credits for low-income workers. It’s designed to boost the incomes of individuals and families who are working but still facing financial difficulties.
Payment Information
- Eligibility: Canadian residents aged 19 or older, or those living with a spouse or child.
- Next Payment: October 11, 2024, with future payments on January 10, 2025.
Payment Breakdown:
- Individuals: Up to $1,518 annually.
- Families: Up to $2,616 annually.
CCR
The Canada Carbon Rebate (CCR) helps Canadians manage the costs associated with federal pollution pricing. It’s available to residents in provinces like Alberta, Saskatchewan, Manitoba, and Ontario.
Payment Information
- Eligibility: Residents in provinces subject to federal pollution pricing.
- Next Payment: October 15, 2024, with additional payments on January 15, 2025, and April 14, 2025.
OTB
The Ontario Trillium Benefit (OTB) is designed for low- to moderate-income Ontarians and combines several credits, including the Ontario Sales Tax Credit, Energy Assistance, and Property Tax Credit.
Payment Information
- Eligibility: Ontario residents who filed a tax return in 2023.
- Next Payment: October 10, 2024.
Benefits for Newcomers and Temporary Residents
Temporary residents, including international students and those with work permits, may also be eligible for CRA benefits.
These individuals must meet specific income and residency conditions, such as living in Canada for 18 months or more, to qualify for the CCB and other benefits. Applying for these benefits can be a crucial financial lifeline for newcomers adjusting to life in Canada.
The application process is straightforward and can be completed online through the MyCRA account or by mailing the necessary documents to a tax center. Keeping up with these payments is essential, especially for those navigating new financial circumstances.
Fact Check
It’s important to verify claims about government payments through official sources, such as the CRA website, as individual circumstances like income, work history, and eligibility can cause variations in benefit amounts. Always consult reliable government websites or a financial advisor to avoid misinformation.
Key CRA Benefit Payments Table
| Benefit Name | Annual Payment | Eligibility | Next Payment Date |
|---|---|---|---|
| Canada Child Benefit | Up to $7,786.92 | Canadian residents living in Canada for 18 months | October 18, 2024 |
| HST/GST Credit | Up to $519 (individual) | Canadian residents who filed a tax return in 2023 | October 4, 2024 |
| Advanced Canada Workers Benefit | Up to $1,518 (individual) | Canadian residents 19+ or living with a spouse/child | October 11, 2024 |
| Canada Carbon Rebate | Varies by province | Residents in provinces subject to federal pollution pricing | October 15, 2024 |
| Ontario Trillium Benefit | $1,013 | Ontario residents who filed a tax return in 2023 | October 10, 2024 |
Staying informed about your CRA payments ensures you’re receiving the financial assistance you’re entitled to, whether you’re a long-time resident or new to Canada. Make sure to verify any details and apply for the benefits you’re eligible for!
FAQs
Who is eligible for the Canada Child Benefit?
Residents in Canada for at least 18 months with valid permits.
What is the next HST/GST credit payment date?
The next HST/GST credit payment is on October 4, 2024.
How much is the Ontario Trillium Benefit?
The OTB provides up to $1,013 annually to eligible residents.
Who qualifies for the Canada Carbon Rebate?
Residents in provinces with federal pollution pricing qualify for the CCR.
When is the next Canada Workers Benefit payment?
The next ACWB payment is scheduled for October 11, 2024.
