The Canada Revenue Agency (CRA) will provide several benefit payments in October 2024. These payments are aimed at helping Canadians manage their expenses, especially with the rising costs of living.
Whether you are a Canadian citizen, permanent resident, or a temporary resident (such as a work permit holder or international student), these benefits offer financial support.
This article explains the upcoming payments in simple terms and highlights how they can assist different groups of people, particularly newcomers to Canada.
CRA Benefit Payments in October 2024
| Benefit Name | Payment Date | Eligible Groups | Maximum Amount |
|---|---|---|---|
| GST/HST Credit | October 4, 2024 | Low-income individuals and families | $519 for individuals, $680 for couples |
| Advanced Canada Workers Benefit | October 11, 2024 | Low-income workers | $1,518 for individuals, $2,616 for families |
| Ontario Trillium Benefit (OTB) | October 10, 2024 | Ontario residents | Up to $1,013 annually |
| Canada Carbon Rebate (CCR) | October 15, 2024 | Residents in pollution-priced provinces | Varies by province |
| Canada Child Benefit (CCB) | October 18, 2024 | Families with children under 18 | Up to $648.91 per month per child under 6 |
These upcoming payments provide financial support to many Canadians, helping them manage essential expenses.
1. Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) is a tax-free monthly payment that helps families with children under the age of 18. This benefit is particularly important for families with low income, as it helps them afford essential costs like education, food, and clothing for their children.
- Eligibility:
- Canadian residents, including temporary residents such as international students or workers, are eligible after living in Canada for 18 months with a valid permit.
- Families must apply for the benefit after settling in Canada.
- Payment Amounts:
- Families can receive up to $648.91 per month for each child under 6 years old and $547.50 per month for children aged 6 to 17.
- Payments are reduced for families with a higher income.
- Next Payment Dates:
- Payments will be made on October 18, November 20, and December 13, 2024.
The Canada Child Benefit offers significant help to low- and middle-income families by covering key child-related expenses.
2. GST/HST Payment
The Goods and Services Tax (GST)/Harmonized Sales Tax (HST) credit is a quarterly, tax-free payment designed to help low-income individuals and families. It assists with the costs of basic items such as groceries and utilities.
- Eligibility:
- Canadian residents, including temporary workers, automatically qualify after filing taxes. No need for a separate application.
- Payment Amounts:
- Individuals may receive up to $519 annually, while couples may get up to $680.
- Families also receive $179 for each child under 19 years of age.
- Next Payment Dates:
- The next payments will be on October 4, 2024, January 3, 2025, and April 4, 2025.
This benefit is crucial for low-income families as it helps reduce the overall cost of living by offsetting taxes on goods and services.
3. Advanced Canada Workers Benefit (ACWB)
The Advanced Canada Workers Benefit (ACWB) is a refundable tax credit aimed at low-income workers. It encourages employment by providing financial relief for those earning a modest income.
- Eligibility:
- Canadian residents aged 19 and older are eligible, as well as individuals living with a spouse or child. Each province has its own income limits.
- Payment Amounts:
- Single individuals may receive up to $1,518 per year, while families can receive up to $2,616. Payments are distributed quarterly.
- Next Payment Dates:
- Payments are scheduled for October 11, 2024, and January 10, 2025.
The ACWB helps low-income workers by supplementing their earnings and making it easier to stay in the workforce.
4. Canada Carbon Rebate (CCR)
The Canada Carbon Rebate (CCR), previously known as the Climate Action Incentive Payment (CAIP), is designed to help residents manage the costs associated with pollution pricing. It aims to reduce the financial burden of eco-friendly policies.
- Eligibility:
- Available to residents in provinces where federal pollution pricing is applied, including Alberta, Saskatchewan, Manitoba, and Ontario.
- Payment Amounts:
- The amount varies by province and whether you live in a rural or small community. Higher amounts may apply to rural residents.
- Next Payment Dates:
- CCR payments are scheduled for October 15, 2024, January 15, 2025, and April 14, 2025.
The Canada Carbon Rebate ensures that families are not overburdened by the costs of green initiatives, allowing them to contribute to sustainability while managing everyday expenses.
5. Ontario Trillium Benefit (OTB)
The Ontario Trillium Benefit (OTB) helps low- to moderate-income residents of Ontario by combining three separate credits: the Ontario Energy and Property Tax Credit, the Ontario Sales Tax Credit, and the Northern Ontario Energy Credit.
- Eligibility:
- Ontario residents who have filed their 2023 tax returns are eligible. Temporary residents may also qualify if they meet residency requirements.
- Payment Amounts:
- Payment amounts depend on individual income. The OTB can provide up to $1,013 annually. Recipients can choose to receive monthly payments or a lump sum at the end of the year.
- Next Payment Dates:
- The next OTB payment will be made on October 10, 2024.
The OTB helps Ontario residents with energy and property taxes, which can be significant costs, particularly for low-income families.
Eligibility for Temporary Residents and Newcomers
Temporary residents, such as international students and work permit holders, can qualify for these benefits if they meet residency and income requirements. For newcomers, applying for these benefits as soon as they are eligible is crucial, as they can offer much-needed financial relief.
For example, families who recently arrived in Canada should apply for the Canada Child Benefit (CCB) as soon as they are eligible to receive financial support for their children’s expenses.
conclusion
the upcoming CRA benefit payments in October 2024 provide much-needed financial support to Canadians, especially those with lower incomes, families with children, and newcomers to the country.
These benefits, including the Canada Child Benefit, GST/HST Credit, Advanced Canada Workers Benefit, Canada Carbon Rebate, and Ontario Trillium Benefit, are essential in helping individuals and families manage everyday expenses like childcare, taxes, and energy costs.
By staying informed and applying for these benefits on time, Canadians can reduce their financial burdens and maintain better financial stability.