The Canadian government is rolling out a series of benefits, credits, and rebate payments to help citizens in dealing with the increasing cost of living.
If you’re wondering how you can get some extra funds this fall, here’s a breakdown of what’s on offer:
1. GST/HST Credit:
Payment Due: January 5, 2024
The Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit, a tax-free quarterly payment, aims to assist individuals and families with lower to moderate incomes by helping to offset their tax burden.
Eligible recipients could potentially receive:
- $496 if you are single
- $650 if you are married or have a common-law partner
- $171 for each child under the age of 19
You don’t need to apply for this credit because you’re automatically considered for it when you file your taxes.
2. Canada Child Benefit (CCB):
Payment Due: December 13, 2023
The CCB is a tax-free monthly payment provided by the government to help cover the expenses of raising children.
The amount you receive depends on your income, the number of children you have, and their ages.
3. Canada Workers Benefit (CWB):
Payment Due: January 12, 2024
The CWB is a refundable tax credit aimed at assisting low-income individuals and families.
To be eligible for the basic CWB amount, you need to:
- Be 19 years old or older on December 31, or live with a spouse or common-law partner or your child,
- Be a Canadian resident throughout the year, and
- Be working while earning less than the net income level specified for your province or territory.
- Up to $1,428 for single Canadians
- Families could receive up to $2,461
- Additional disability supplements up to $737 based on your annual income.
The application process involves assessment during your yearly tax return filing.
4. Canada Dental Benefit (CDB):
The Canada Dental Benefit 2023-24 program extends a helping hand to families seeking dental care support for their children.
To be eligible for the basic CDB amount, you need to:
- Having a child under 12 years of age by July 1, 2023.
- Lack of access to private dental insurance for the child.
- Absence of complete coverage for the child’s dental expenses under any other government dental program.
- An adjusted family net income of less than $90,000 in 2022.
- Filing 2022 taxes and ensuring no prior application for the 2022-2023 benefit period.
- Being the sole recipient of the Canada Child Benefit for the child, or sharing custody and receiving half of the Canada Child Benefit (CCB).
The benefit amount varies based on your adjusted family net income in 2022:
- Less than $70,000: $650 for full custody, $325 for shared custody
- $70,000 to $79,999: $390 for full custody, $195 for shared custody
- $80,000 to $89,999: $260 for full custody, $130 for shared custody
- $90,000 or more: Not eligible for the benefit.
5. Climate Action Incentive Payment (CAIP):
Payment Due: January 15, 2024
The CAIP is a tax-free payment introduced to help individuals and families counterbalance the expenses associated with federal pollution pricing.
Accessible to residents of specific provinces, including Alberta, Saskatchewan, Manitoba, Ontario, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island.
The payment is distributed quarterly and comprises a base amount and an additional supplement for residents in small and rural communities.
The Canadian government is offering several pathways to provide financial help to its citizens. From tax credits like the GST/HST Credit, assistance for raising children through the Canada Child Benefit, support for low-income workers with the Canada Workers Benefit, Canada Dental Benefit and even help with environmental costs via the Climate Action Incentive Payment, these benefits are designed to address different needs.
By exploring and using these pathways, Canadians can get valuable support to improve their financial situation and overall well-being.