In 2024, Canadian residents can look forward to significant financial support from the Canada Revenue Agency (CRA) through a series of benefit payments.
These essential payments, including the Canada Child Benefit (CCB), GST/HST Credit, Canada Workers Benefit (CWB), and Ontario Trillium Benefit (OTB), offer a lifeline to low- and moderate-income households across Canada.
Whether you’re a Canadian citizen, permanent resident, or temporary resident, these benefits aim to offset living expenses and foster financial stability. Understanding each program’s specifics, eligibility, and payment schedule is key to maximizing your benefits.
Let’s break down the main Canadian benefits for 2024, from who’s eligible to the upcoming payment dates.
Benefits
Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) provides vital monthly support for families with children under 18. This tax-free benefit is calculated based on the family’s Adjusted Family Net Income (AFNI) and is intended to help cover expenses related to child-rearing.
- Annual Benefit: Up to $7,787 per child under 6 and up to $6,570 for children aged 6 to 17.
- Eligibility: Available to all families residing in Canada with children under 18.
- Income Threshold: Full amounts go to families with an AFNI below $36,502. Payments reduce as income rises above this threshold.
- Payment Dates: November 20, 2024, and December 13, 2024.
Canada Workers Benefit (CWB)
The Canada Workers Benefit (CWB) supports low-income workers, encouraging job retention and financial security. This refundable tax credit benefits individuals and families, providing a significant boost to those with limited incomes.
- Annual Benefit: Up to $1,518 for individuals and up to $2,616 for families.
- Eligibility: Available to Canadian residents aged 19 and above, including those with a spouse or child.
- Payment Schedule: Distributed in three installments, with the next payment set for January 10, 2025.
GST/HST Credit
The GST/HST credit provides quarterly, tax-free payments to offset the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) for low-income individuals and families. Payments are automatically issued once taxes are filed, making it a simple support system for eligible Canadians.
- Annual Benefit: $519 for individuals, $680 for couples, and $179 per child under 19.
- Eligibility: All Canadian residents who file taxes, including temporary workers, qualify automatically.
- Upcoming Payment Dates: January 3, 2025, and April 4, 2025.
Canada Carbon Rebate (CCR)
The Canada Carbon Rebate (CCR), formerly the Climate Action Incentive Payment (CAIP), helps Canadians manage increased costs related to federal carbon pricing. Amounts vary based on the province and are higher in rural and small communities.
- Benefit Amount: Varies by province, with additional amounts for rural or small community residents.
- Eligibility: Residents in provinces with federal carbon pricing, including Alberta, Saskatchewan, Manitoba, and Ontario.
- Payment Dates: January 15, 2025, and April 14, 2025.
Ontario Trillium Benefit (OTB)
For Ontario residents, the Ontario Trillium Benefit (OTB) combines three credits: Ontario Energy and Property Tax Credit, Ontario Sales Tax Credit, and Northern Ontario Energy Credit. This annual benefit is tailored for low- and moderate-income households in Ontario.
- Annual Benefit: Up to $1,013 per year.
- Eligibility: Residents of Ontario who file their 2023 tax return and meet income criteria.
- Payment Schedule: Eligible recipients can choose monthly payments or a lump-sum payment. The next OTB disbursement is set for November 8, 2024.
| Benefit | Annual Max Payment | Eligibility | Upcoming Payment Dates |
|---|---|---|---|
| Canada Child Benefit | $7,787 per child (under 6) | Families with children under 18, AFNI under $36,502 | Nov 20, 2024, Dec 13, 2024 |
| Canada Workers Benefit | $1,518 (individual), $2,616 (family) | Low-income workers, age 19+ | Jan 10, 2025 |
| GST/HST Credit | $519 (individual), $680 (couples) | Tax-filers, low-income | Jan 3, 2025, Apr 4, 2025 |
| Canada Carbon Rebate | Varies by province | Residents in carbon-pricing provinces | Jan 15, 2025, Apr 14, 2025 |
| Ontario Trillium Benefit | Up to $1,013 | Ontario residents with low/moderate income | Nov 8, 2024 |
Eligibility and Payments
Most benefits provided by the CRA are determined by factors like income, residency status, and family composition. Payments vary based on income, especially for programs like the CCB, where benefits taper as income rises. For accurate payment estimates, the CRA website offers tools to calculate eligibility based on family size and income.
Fact Check
It’s always best to verify claims about Canadian Benefit Payments with official sources like the CRA. While this article provides an overview of programs, consult the CRA or a financial advisor for advice tailored to your situation.
Residents in Canada have many resources available to help offset living costs in 2024, whether for covering child expenses, supporting work earnings, or compensating for carbon pricing. Knowing when and how to apply for these benefits can make a big difference, providing financial relief to help with today’s rising living expenses.
