Financial relief is coming to Canadians as living costs rise. Five government benefit payments from the Canada Revenue Agency (CRA) are timely for many Canadians, including newcomers and temporary residents. The CRA’s five major benefit payments are designed to ease the financial burdens of individuals and families across the country. Whether you’re a Canadian citizen, permanent resident, or temporary resident like a work permit holder or international student, staying informed about these upcoming payments is essential. Mark your calendar. Here’s a breakdown of the five new CRA benefits 2024 being disbursed in October. 1. Canada Child Benefit (CCB) – October 18, 2024 The Canada Child Benefit (CCB) is a tax-free monthly payment that helps families with children under 18 manage expenses. This new CRA benefits 2024 is particularly important for low- and middle-income families, as it adjusts based on income to ensure that those in greater need receive the most support. Eligibility To qualify for the CCB, you must be a Canadian resident. Temporary residents, such as those on work permits, are also eligible. Once, a temporary resident who has lived in Canada for 18 months and has a valid permit in the 19th month. Newcomers to Canada should apply for this benefit through the CRA’s online portal, My Account, or by submitting Form RC66 by mail as soon as they meet the residency requirements. Payment Amounts Families with children under six can receive up to $7,786 annually, while those between six and 17 can receive up to $6,570. Payments are calculated based on the family’s adjusted family net income (AFNI), which decreases as the AFNI exceeds $36,502. Families can expect CCB payments on October 18, 2024, with payments in November and December. 2. GST/HST Credit – October 4, 2024 The Goods and Services Tax (GST)/Harmonized Sales Tax (HST) Credit is a non-taxable quarterly payment aimed at helping individuals and families with low and modest incomes offset the GST/HST they pay. This is among the new CRA benefits 2024 that provides additional financial support to those who qualify based on their annual income and family situation. Eligibility Eligibility for the GST/HST credit is automatic for Canadian residents who have filed their taxes. There is no need to submit a separate application. Temporary residents who meet residency requirements can also receive this benefit. Payment Amounts For the 2024 benefit year, individuals can receive up to $519 annually. Married or common-law couples can receive up to $680. An additional $179 per child under 19 years of age. For October, the next GST/HST payment will be deposited into eligible recipients’ accounts on October 4, 2024, with future payments scheduled for January and April 2025. 3. Advanced Canada Workers Benefit (ACWB) – October 11, 2024 The Advanced Canada Workers Benefit (ACWB) is a refundable tax credit that helps low-income individuals and families by providing additional financial support. This benefit is designed to encourage work by offering a financial incentive to low-wage workers. Eligibility To qualify for the ACWB, you must be a Canadian resident aged 19 or older or live with a spouse or child. Income thresholds vary by province; the benefit is recalculated annually based on reported income. Payment Amounts Single individuals can receive up to $1,518 annually, while families may receive up to $2,616. These payments are in quarterly installments, with the October 11, 2024, followed by the January 10, 2025, payment. For many low-income workers, the ACWB offers a lifeline by helping them manage rising living costs while rewarding their continued participation in the workforce. 4. Canada Carbon Rebate (CCR) – October 15, 2024 The Canada Carbon Rebate (CCR), formerly known as the Climate Action Incentive Payment (CAIP), offsets the costs associated with Canada’s pollution pricing. This is among the new CRA benefits 2024 designed to make environmentally friendly policies more affordable for Canadian residents, particularly in provinces with pollution pricing. Eligibility Residents of provinces subject to federal pollution pricing, including Alberta, Saskatchewan, Manitoba, and Ontario, are eligible for the CCR. Additional amounts are available for residents of rural or smaller communities who may face higher energy costs. Payment Amounts Payment amounts for the CCR vary by province and are recalculated annually to reflect changes in pollution pricing and household needs. The next CCR payment is scheduled for October 15, 2024, followed by January and April 2025 payments. For many households, the CCR helps offset the increased costs of goods and services resulting from federal pollution pricing policies. Ontario Trillium Benefit (OTB) – October 10, 2024 The Ontario Trillium Benefit (OTB) is a provincial benefit that provides financial relief for Ontario’s low- to moderate-income residents. The OTB combines three credits: the Ontario Energy and Property Tax Credit, the Ontario Sales Tax Credit, and the Northern Ontario Energy Credit. Eligibility You must be a resident of Ontario and have filed a 2023 tax return. Temporary residents may also qualify if they meet residency requirements. Payment amounts are calculated based on family income and living situation. Payment Amounts The OTB can provide up to $1,013 annually. You can receive monthly or lump sum payments when filing your tax return. The next OTB installment was deposited on October 10, 2024, for monthly payments. October 2024 brings a series of crucial CRA benefit payments offering a range of supports for families, individuals, and workers. For temporary residents and newcomers, staying informed about these benefits and applying as soon as you meet the eligibility criteria is crucial to maximizing financial assistance. Be sure to mark your calendars for the upcoming payment dates and visit the CRA’s official website for more detailed information on how to apply or confirm your eligibility. CRA Benefits FAQ What is the Canada Child Benefit (CCB)? The Canada Child Benefit (CCB) is a tax-free monthly payment to help families with children under 18. Payments are based on income and can reach up to $7,786 annually. Who is eligible for the GST/HST Credit? The GST/HST Credit is automatically available to Canadian residents who file their taxes. Temporary residents meeting residency requirements can also qualify for this non-taxable payment. What is the Advanced Canada Workers Benefit (ACWB)? The ACWB is a refundable tax credit for low-income workers. Eligible individuals can receive up to $1,518 annually, while families can get up to $2,616. How does the Canada Carbon Rebate (CCR) work? The CCR offsets costs from pollution pricing, helping residents in specific provinces. Payments vary by province and are made quarterly, with the next one due on October 15, 2024. What does the Ontario Trillium Benefit (OTB) cover? The OTB combines three credits—Ontario Energy and Property Tax Credit, Ontario Sales Tax Credit, and Northern Ontario Energy Credit—offering up to $1,013 annually to eligible residents. https://immigration.ca/cra-benefit-payments/
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