CRA Benefit Payments: What Canadians Need to Know for October 2024
As the cost of living continues to rise, Canadians can look forward to a new round of financial support payments from the Canada Revenue Agency (CRA) in October 2024.
These benefits provide much-needed relief to eligible residents, including newcomers and temporary workers, helping them manage daily expenses during challenging economic times.
With five major benefits set to be paid out, it’s essential for both long-term residents and recent immigrants to familiarize themselves with the process to ensure they receive their entitled payments. Whether you’re a Canadian citizen, permanent resident, or temporary resident (such as a work permit holder or international student), understanding these benefits can help you stay on top of your financial situation and make the most of the assistance available.
For newcomers to Canada, applying for these benefits as soon as possible after arrival can maximize the financial support provided by the government. Below, we’ll break down each benefit, eligibility requirements, payment amounts, and upcoming payment dates so you can be fully prepared.
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1. Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) is a tax-free monthly payment aimed at helping families with children under the age of 18 manage the costs of raising them. The amount you receive is based on your family’s adjusted family net income (AFNI) and is recalculated annually in July.
Eligibility:
- Canadian residents, including temporary residents who have lived in Canada for 18 consecutive months with a valid permit in the 19th month, can apply.
- Families should apply for the CCB once they settle in Canada to start receiving payments.
For newcomers to Canada, if you arrive after tax filing deadlines, you can apply for the CCB online through My Account or by mailing Form RC66 (Canada Child Benefits Application) to your tax centre.
Payment Amounts:
- For each child under 6 years, eligible families can receive up to $7,786.92 annually ($648.91 per month).
- For children aged 6 to 17, families can receive up to $6,570 annually ($547.5 per month).
Payments decrease gradually as your adjusted family net income rises above $36,502.
Next Payment Dates:
- Mark your calendar for October 18, November 20, and December 13, 2024 for the upcoming CCB installments.
2. GST/HST Credit
The GST/HST credit is a quarterly tax-free payment that helps low- and moderate-income households manage the cost of goods and services subject to the Goods and Services Tax (GST) and Harmonized Sales Tax (HST).
Eligibility:
- Canadian residents, including temporary residents, are automatically considered for the GST/HST credit when filing taxes. No separate application is required.
Payment Amounts:
- Individuals can receive up to $519 annually.
- Couples can receive up to $680.
- An additional $179 is provided for each child under 19 years of age.
Next Payment Dates:
- Your next GST/HST credit will be issued on October 4, 2024, followed by January 3, 2025, and April 4, 2025.
3. Advanced Canada Workers Benefit (ACWB)
The Advanced Canada Workers Benefit (ACWB) is a refundable tax credit aimed at supporting low-income individuals and families, encouraging work while providing financial assistance.
Eligibility:
- You must be a Canadian resident aged 19 or older, or you must live with a spouse or child.
- Income thresholds vary by province, so check specific provincial guidelines to confirm your eligibility.
Payment Amounts:
- Single individuals can receive up to $1,518 annually.
- Families can receive up to $2,616 annually, divided into quarterly payments.
Next Payment Dates:
- Upcoming ACWB payments will be issued on October 11, 2024, and January 10, 2025.
4. Canada Carbon Rebate (CCR)—Formerly Known as CAIP
The Canada Carbon Rebate (CCR) is designed to offset the costs associated with federal pollution pricing, making environmentally friendly policies more affordable for Canadians.
Eligibility:
- Available to residents in provinces that are subject to federal pollution pricing, such as Alberta, Saskatchewan, Manitoba, and Ontario.
Payment Amounts:
- Payment amounts vary depending on the province and whether you live in a rural or small community. Each province has different payment scales due to varying carbon pricing policies.
Next Payment Dates:
- CCR payments will be disbursed on October 15, 2024, January 15, 2025, and April 14, 2025.
5. Ontario Trillium Benefit (OTB)
The Ontario Trillium Benefit (OTB) provides financial relief to low- to moderate-income residents of Ontario. It combines three credits: the Ontario Energy and Property Tax Credit, Ontario Sales Tax Credit, and Northern Ontario Energy Credit.
Eligibility:
- You must be an Ontario resident and have filed your 2023 tax return.
- Temporary residents who meet the residency criteria are also eligible to apply.
Payment Amounts:
- OTB payment amounts vary based on your income and personal situation.
- Eligible individuals can receive up to $1,013 annually, either as monthly payments or a lump sum, depending on the choice made during tax filing.
Next Payment Date:
- The next OTB payment is scheduled for October 10, 2024.
Eligibility for Temporary Residents and Newcomers
Temporary residents, such as international students and work permit holders, are also eligible for CRA benefits if they meet residency and income requirements. It’s important for newcomers to Canada to apply for these benefits soon after their arrival, as doing so can offer substantial financial support during the transition period.
For instance, newly arrived families should apply for the Canada Child Benefit (CCB) as soon as they meet the residency criteria. Similarly, temporary residents who file taxes will automatically be considered for the GST/HST credit and other applicable benefits.
How to Apply for CRA Benefits
Applying for CRA benefits is a straightforward process. You can apply online through your MyCRA Account or submit the relevant forms via mail to your local tax centre. Be sure to keep track of payment schedules and eligibility criteria to ensure you don’t miss out on any financial support you’re entitled to.
For more detailed information about eligibility, how to apply, and upcoming payment dates, visit the official CRA website. Staying informed about these benefits is key to navigating financial challenges, especially for newcomers and temporary residents who may be adjusting to life in Canada.
Upcoming CRA Benefit Payments in October 2024
Here’s a quick summary of the next CRA benefit payments scheduled for October 2024:
- GST/HST Credit: October 4, 2024
- Canada Child Benefit (CCB): October 18, 2024
- Advanced Canada Workers Benefit (ACWB): October 11, 2024
- Canada Carbon Rebate (CCR): October 15, 2024
- Ontario Trillium Benefit (OTB): October 10, 2024
By staying informed and ensuring you apply for these benefits, you can better manage financial challenges and make the most of the support available to you as a resident of Canada.
