In 2024, Canadians may anticipate receiving additional financial support from the government. The challenges of the current year, marked by exorbitant grocery prices, unattainable housing costs, and a general surge in the cost of living across Canada, have made managing finances a considerable struggle.
The impact has been so significant that some individuals have found themselves compelled to remove names from their holiday gift lists this season. As the new year approaches, bringing the inevitable arrival of bills, there is potential relief on the horizon through various benefits, credits, and rebates offered by the federal government.
Here is how and when you'll receive more money from the feds in 2024.
GST credit
When you'll receive the money:
- January 5, 2024
- April 5, 2024
- July 5, 2024
- October 4, 2024
- The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment.
It aims to help Canadian individuals and families with low to modest incomes offset the taxes that they pay.
According to the government, you could get up to:
- $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.
Last year, Ottawa doubled the GST Credit for six months was during the height of inflation.
Canada Child Benefit (CCB)
When you'll receive the money:
- January 19, 2024
- February 20, 2024
- March 20, 2024
- April 19, 2024
- May 17, 2024
- June 20, 2024
- July 19, 2024
- August 20, 2024
- September 20, 2024
- October 18, 2024
- November 20, 2024
- December 13, 2024
The CCB — a tax-free payment from the government to help with the cost of raising children — is administered monthly by the Canada Revenue Agency (CRA).
Read this to learn if you're eligible, how you can apply, and how much you can get.
Canada Workers Benefit (CWB)
When you'll receive the money:
- January 12, 2024
- July 12, 2024
- October 11, 2024
The CWB is a refundable tax credit that helps low-income individuals and families.
You're eligible for the basic amount of CWB if you are:
- Over 19 years old on December 31, or live with a spouse or common-law partner or your child
- Are a resident of Canada throughout the year
- Are working but earning less than the net income level set for your province or territory of residence.
Eligible single Canadians can receive up to $1,428; meanwhile, families can earn up to $2,461.
You can also get up to $737 for the disability supplement based on your annual income.
Climate Action Incentive Payment (CAIP)
When you'll receive the money:
- January 15, 2024
- April 15, 2024
- July 15, 2024
- October 15, 2024
The CAIP is a tax-free amount paid to help individuals and families offset the cost of federal pollution pricing.
It's available to residents of Alberta, Saskatchewan, Manitoba, Ontario, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island.
It consists of a basic amount and a supplement for residents of small and rural communities and is paid quarterly.
For province-specific benefits — including the Ontario Trillium Benefit and Alberta Child and Family Benefit — click here.
Source: https://www.blogto.com/city/2023/12/ways-canadians-get-extra-money-government-2024/