Canadian Residents to Receive 5 New CRA Benefit Payments This October
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A big news for Canadian residents. Canada Revenue Agency (CRA) has rolled out 5 New benefit payments which would be received from October 2024. This is a measure taken to provide financial relief to residents amid rising living expenses.
With 5 key benefits scheduled for disbursement, it is a crucial phase for eligible residents, including temporary resident visa holders and newcomers, to ensure they receive the support they qualify for.
Whether you are a Canadian citizen, permanent resident or a temporary resident (such as Canada work permit holders or international students) these benefit payments are sure to offer you valuable financial aid.
Newcomers to Canada, would need to apply for the new CRA benefit payment shortly after arriving to ensure to make most of the available assistance.
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Summary of 5 CRA Benefit Payments
The list of 5 Canada Revenue Agency (CRA) benefit payments scheduled for disbursement this October 2024 are:
Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) is a tax-free monthly payment designated to support families with the cause of raising children under 18 years. The amount you receive depends on your family’s Adjusted Family Net Income (AFNI) and is recalculated every year in July.
Important Points:
- Newcomers to arrive after the tax filing deadline can apply for the CCB online via My Account or by emailing from RC66 Canada Child Benefits application to their tax centre.
- The payment amount gradually decreases as your AFNI exceeds CAD 36,502.
- Next Payment Dates: October 18, 2024, November 20,2024, December 18, 2024
| Particulars | Criteria | Details |
|---|---|---|
|
Eligibility Requirements
|
Canadian Residents | All Canadian citizens and permanent residents are eligible. |
| Temporary Residents | Must have lived in Canada for at least 18 consecutive months with a valid permit. | |
| Newcomers | Need to apply for the CCB after arriving in Canada to start receiving payments. | |
|
Payment Amount
|
Child Aged Below 6 years | Up to C$ 7,786.92 (i.e. C$ 648.91 per month) |
| Child Aged Between 6 to 17 years | Up to C$ 6,570 (i.e. C$ 547.50 per month) |
HST/GST Payment
GST or HST credit is a tax free payment made quarterly to help low and moderate income households to manage the costs associated with Goods and Service Tax (GST) and Harmonized Sales Tax (HST)
Important Points:
- Once you have filed your taxes the credit is automatically calculated and applied with no extra steps required
- Next Payment Dates: October 4, 2024, January 3, 2025, April 4, 2025
| Particulars | Criteria | Details |
|---|---|---|
Eligibility Requirements
| Canadian residents | Automatically eligible after filing taxes. No separate application needed. |
| Temporary residents | Eligible if taxes are filed, similar to Canadian citizens. | |
Payment Amount
| Individual | Up to $519 |
| Couple | Up to $680 | |
| Child (under 19) | Additional $179 per child |
Advanced Canada Workers Benefit (ACWB)
The Advanced Canada Worker Benefit (ACWB) offers refundable tax credits to support low income individuals and families encouraging employment and helping those with modest incomes. These payments are divided into three quarterly installments
Next Payment Dates: October 11, 2024, and January 10, 2025
| Particulars | Criteria | Details |
|---|---|---|
Eligibility Requirements
| Age Requirement | Must be 19 years or older, or living with a spouse or child |
| Canadian Residency | Must be a Canadian resident | |
| Income Thresholds | Varies by province | |
Payment Amount
| Single individuals | Up to $1,518 |
| Families | Up to $2,616 |
Canada Carbon Rebate (CCR) - Formerly Known as CAIP
The Canada Carbon Rebate (CCR) helps Canadians offset cost from federal pollution pricing making the environmentally friendly policies more affordable
Next Payment Dates: October 15, 2024, January 15, 2025, April 14, 2025
| Particulars | Criteria | Details |
|---|---|---|
Eligibility Requirements
| Residency | Must reside in a province subject to federal pollution pricing |
| Applicable Provinces | Includes Alberta, Saskatchewan, Manitoba, Ontario, and more | |
| Payment Amount | Varies by province/region | Additional amounts for rural/small communities |
Ontario Trillium Benefit (OTB)
The Ontario Trillium Benefit (OTB) offers financial relief to low to moderate income residents of Ontario. This benefit is provided by combining three credits: the Ontario Energy and Property Tax Credit, the Ontario Sales Tax Credit, and the Northern Ontario Energy Credit.
Important Points:
- These benefits provide valuable financial support to eligible Canadians helping them ease the cost of living.
- Payment method is either in monthly or as a lump sum based on the preference individual chooses when filing taxes
- Next Payment Dates: October 10, 2024
| Particulars | Criteria | Details |
|---|---|---|
Eligibility Requirements
| Residency | Must be an Ontario resident and have filed a 2023 tax return |
| Temporary Residents | Eligible if residency requirements are met | |
| Payment Amount | Annual Amount | Up to $1,013 |
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Explore Canada PR Along With CRA Benefits?
Temporary residents like international students (Canada Student Visa) and individuals on work permits are also qualified for CRA benefits given that they meet the residency and income requirements. Should apply for these benefits soon after arriving in Canada as they offer valuable financial support such as the Canada Child Benefit (CCB) for families. Applications can be easily placed through your My CRA Account or by submitting forms to your tax centers
Staying informed about these benefits is essential for effectively managing financial challenges in Canada, especially for new or temporary residents. For personalized guidance on immigration and settling in Canada consider seeking trusted expert assistance from GetGIS to ensure a smooth immigration process and access to all the benefits you are entitled to.
