Financial relief is coming for Canadians as living costs continue to rise. In October 2024, the Canada Revenue Agency (CRA) will disburse five major benefit payments aimed at easing the financial burden for individuals and families across the country, including newcomers and temporary residents.
The first benefit is the Canada Child Benefit (CCB), scheduled for October 18, 2024. This tax-free monthly payment supports families with children under 18. It is adjusted based on income, providing more assistance to low- and middle-income families.
Families with children under six could receive up to $7,786 annually, while those between six and 17 can receive up to $6,570.
On October 4, 2024, eligible Canadians will receive the Goods and Services Tax (GST)/Harmonized Sales Tax (HST) Credit. This quarterly non-taxable payment helps low- and modest-income individuals and families offset the GST/HST they pay. Payments vary; individuals receive up to $519, and couples receive up to $680 annually.
The Advanced Canada Workers Benefit (ACWB) will be paid out on October 11, 2024. This refundable tax credit provides additional financial support to low-income workers, encouraging continued workforce participation. Single individuals can receive up to $1,518 annually, while families could receive up to $2,616.
Next, the Canada Carbon Rebate (CCR), previously known as the Climate Action Incentive Payment, will be distributed on October 15, 2024. This payment helps offset the cost of pollution pricing in provinces like Alberta, Saskatchewan, Manitoba, and Ontario. Payment amounts vary by province and are recalculated annually.
Finally, the Ontario Trillium Benefit (OTB) will be paid on October 10, 2024. This provincial benefit provides financial relief to Ontario’s low- and moderate-income residents. It includes credits for energy and property taxes, sales tax, and energy costs in Northern Ontario.
These timely payments are crucial for Canadian residents, including newcomers and temporary residents. It is essential to stay informed about eligibility and application processes through the CRA website.
The post CRA Announces Key Benefit Payments for Canadians and Newcomers This October appeared first on CI News | Latest Canada Immigration News.
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