CRA Benefit Payments Coming October 2024
In October 2024, Canadians can look forward to a new round of payments from the Canada Revenue Agency (CRA) aimed at providing financial relief as living costs continue to rise. Five major benefits will be distributed, making it a crucial time for eligible residents, including temporary workers and newcomers, to ensure they receive the support they qualify for.
Whether you're a Canadian citizen, permanent residence, or a temporary resident ( work permit holder or international student), these payments can offer significant financial help. For newcomers, applying for these benefits soon after arrival is key to maximizing the financial assistance available.
1. Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) is a tax-free monthly payment designed to help families manage the costs of raising children under 18 years old. The benefit amount is based on a family’s adjusted family net income (AFNI) and is recalculated annually each July.
Eligibility:
All Canadian residents, including temporary residents who have lived in Canada for at least 18 consecutive months and hold a valid permit in the 19th month, are eligible. Families should apply as soon as they settle in Canada to begin receiving the CCB. Newcomers who arrived after the tax filing deadline can apply for the CCB online using My Account or by mailing a completed and signed Form RC66 (Canada Child Benefits Application) to their tax centre.
Payment Amounts:
Eligible families can receive up to $7,786.92 annually ($648.91 per month) for each child under 6, and up to $6,570 annually ($547.50 per month) for each child aged 6 to 17. Payments gradually decrease as AFNI exceeds $36,502.
Next Payment Dates:
Upcoming CCB installments are on October 18, November 20, and December 13, 2024.
2. HST/GST Payment
The GST/HST credit is a tax-free quarterly payment that helps low- and moderate-income households offset the costs of Goods and Services Tax (GST) and Harmonized Sales Tax (HST).
Eligibility:
Canadian residents, including temporary residents, are automatically eligible upon filing their taxes—no separate application is required.
Payment Amounts:
Individuals can receive up to $519 annually, couples up to $680, with an additional $179 per child under 19 years old.
Next Payment Dates:
Your next GST/HST credit will be issued on October 4, 2024, followed by payments on January 3, 2025, and April 4, 2025.
3. Advanced Canada Workers Benefit (ACWB)
The Advanced Canada Workers Benefit (ACWB) offers refundable tax credits to low-income individuals and families, designed to encourage employment and support those with modest incomes.
Eligibility:
You must be a Canadian resident aged 19 or older, or live with a spouse or child. Income thresholds vary by province.
Payment Amounts:
Single individuals can receive up to $1,518 annually, while families can receive up to $2,616, split into three quarterly payments.
Next Payment Dates:
The upcoming ACWB payment dates are October 11, 2024, and January 10, 2025.
4. Canada Carbon Rebate (CCR)—Formerly Known as CAIP
The Canada Carbon Rebate (CCR) helps offset the costs associated with federal pollution pricing, making environmentally friendly policies more affordable for Canadians.
Eligibility:
Residents in provinces subject to federal pollution pricing, such as Alberta, Saskatchewan, Manitoba, and Ontario, are eligible.
Payment Amount:
Amounts vary by province and region, with additional payments for residents of rural or small communities.
Next Payment Dates:
Look out for CCR payments 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 Ontario residents by combining three credits: the Ontario Energy and Property Tax Credit, the Ontario Sales Tax Credit, and the Northern Ontario Energy Credit.
Eligibility:
You must be an Ontario resident and have filed a 2023 tax return. Temporary residents who meet the residency requirements may also qualify.
Payment Amounts:
Payment amounts depend on your income and situation, with the OTB offering up to $1,013 annually. You can choose to receive it monthly or as a lump sum when filing your taxes.
Next Payment Dates:
The next OTB payment is scheduled for October 10, 2024.
Eligibility for Temporary Residents & Newcomers
Temporary residents, including international students and those with work permit, are eligible for CRA benefits if they meet the residency and income requirements. Newcomers to Canada should apply for these benefits shortly after arriving, as they can provide significant financial support. For instance, newly landed families should apply for the Canada Child Benefit (CCB) as soon as they meet the residency criteria. Applying for CRA benefits is simple and can be done through your MyCRA Account or by submitting the necessary forms to your local tax centre. For detailed information on eligibility, payment schedules, and application procedures, visit the official CRA website. Staying informed and up to date on these payments is crucial for managing financial challenges, especially for new or temporary residents in Canada.
For instance, newly landed families should apply for the Canada Child Benefit (CCB) as soon as they meet the residency criteria. Applying for CRA benefits is simple and can be done through your MyCRA Account or by submitting the necessary forms to your local tax centre.
For detailed information on eligibility, payment schedules, and application procedures, visit the official CRA website. Staying informed and up to date on these payments is crucial for managing financial challenges, especially for new or temporary residents in Canada.
Upcoming CRA Benefit Payments in October 2024
- GST/HST Credit: 04/10/2024
- Canada Child Benefit (CCB): 18/10/2024
- Advanced Canada Workers Benefit: 11/10/2024
- Canada Carbon Rebate (CCR): 15/10/2024
- Ontario Trillium Benefit:: 10/10/2024
English news: https://ttnimmigration.ca/vi/en/dot-tro-cap-cra-sap-toi-vao-thang-10-2024/
