The Canada Revenue Agency (CRA) is getting ready to release multiple CRA Benefit Payments in October 2024.
These payments are designed to help Canadians cope with the increasing cost of living.
Whether you’re a Canadian citizen, permanent resident, or temporary resident, these benefits offer financial relief to those who qualify.
Below, we will explore five major CRA Benefit Payments that are set to be delivered in October 2024. We will look at their eligibility, payment amounts, and the financial support they offer to individuals and families.
1. Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) is a tax-free monthly payment aimed at helping families with children under 18 manage the cost of raising them. This benefit is particularly valuable for low- and middle-income families.
- Eligibility:
Canadian families, including temporary residents like international students or work permit holders, can apply after living in Canada for 18 consecutive months. A valid permit is required in the 19th month. - Payment Amount:
| Age of Child | Annual Payment Amount | Monthly Payment Amount | Income Threshold |
|---|---|---|---|
| Under 6 years old | Up to $7,786.92 | Approximately $648.91 | Payment decreases above $36,502 family income |
| 6 to 17 years old | Up to $6,570 | Approximately $547.50 | Payment decreases above $36,502 family income |
- Benefits:
This benefit supports families by helping cover the cost of education, food, clothing, and other child-related expenses.
2. HST/GST Payment
The HST/GST Payment is a tax-free benefit provided quarterly. It helps low-income individuals and families manage the cost of Goods and Services Tax (GST) and Harmonized Sales Tax (HST) on everyday items like groceries and utilities. Once you file your taxes, this benefit is automatically processed.
- Eligibility:
Canadian residents, including temporary residents who have filed taxes, are eligible to receive this benefit. No separate application is necessary. - Payment Amount:
| Recipient Type | Annual Payment Amount | Additional Amount per Child Under 19 |
|---|---|---|
| Single Individuals | Up to $519 | – |
| Couples | Up to $680 | – |
| Families | – | $179 per child under 19 years of age |
- Benefits:
This payment helps individuals and families offset taxes on essential items, making it easier to afford daily living costs.
3. Advanced Canada Workers Benefit (ACWB)
The Advanced Canada Workers Benefit (ACWB) is a refundable tax credit aimed at low-income workers. It encourages individuals to remain in the workforce by providing financial support to those with modest incomes.
- Eligibility:
Canadian residents aged 19 or older, including those with a spouse or child, are eligible for this benefit. Income thresholds vary depending on the province. - Payment Amount:
| Recipient Type | Annual Payment Amount | Payment Frequency |
|---|---|---|
| Single Individuals | Up to $1,518 | Paid in three installments |
| Families | Up to $2,616 | Paid in three installments |
- Benefits:
The ACWB provides financial assistance to low-income workers, helping them supplement their earnings and remain employed.
4. Canada Carbon Rebate (CCR)
The Canada Carbon Rebate (CCR), previously known as the Climate Action Incentive Payment (CAIP), helps Canadians manage the cost of federal pollution pricing. This rebate is designed to make environmentally friendly policies affordable without placing additional financial stress on families.
- Eligibility:
The rebate is available to residents of provinces where federal pollution pricing applies, including Alberta, Saskatchewan, Manitoba, and Ontario. Rural and small community residents may receive additional amounts. - Payment Amount:
The amount varies based on the province and living situation. For example, people living in rural areas may receive higher amounts due to higher energy costs. - Benefits:
This rebate ensures that families can contribute to eco-friendly policies without compromising their ability to afford daily necessities.
5. Ontario Trillium Benefit (OTB)
The Ontario Trillium Benefit (OTB) helps low- to moderate-income residents of Ontario manage essential expenses such as energy and property taxes. It combines three benefits: 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 in Ontario can also qualify if they meet certain residency criteria. - Payment Amount:
The OTB amount varies based on individual circumstances, but recipients can receive up to $1,013 annually. Payments can be made monthly or as a lump sum at the end of the year. - Benefits:
This benefit helps residents manage significant expenses, like energy and property taxes, which are particularly high in Northern Ontario. It also offsets sales taxes for lower-income households.
Benefits of These CRA Grants
Each of these grants offers important financial assistance to Canadians, temporary residents, and newcomers:
- Canada Child Benefit (CCB):
Helps families cover the cost of raising children, including food, education, and clothing, reducing the financial stress on low-income households. - HST/GST Payment:
Offsets the taxes on essential goods and services, ensuring that low-income individuals and families can afford basic necessities like groceries and utilities. - Advanced Canada Workers Benefit (ACWB):
Provides financial relief to low-income workers and encourages them to stay in the workforce, thereby boosting employment levels. - Canada Carbon Rebate (CCR):
Supports eco-friendly policies by making federal pollution pricing affordable for households, helping Canadians manage the cost of transitioning to greener energy. - Ontario Trillium Benefit (OTB):
Helps residents of Ontario manage energy and property tax costs, easing the financial burden on those in Northern Ontario and other regions with high energy bills.
Upcoming CRA Benefit Payments in October 2024
Below is a summary table showing the upcoming CRA benefit payments in October 2024, with individual details for each benefit:
| Benefit | Next Payment Date |
|---|---|
| HST/GST Credit | October 4, 2024 |
| Advanced Canada Workers Benefit | October 11, 2024 |
| Ontario Trillium Benefit | October 10, 2024 |
| Canada Carbon Rebate | October 15, 2024 |
| Canada Child Benefit | October 18, 2024 |
These upcoming benefit payments provide valuable financial assistance to Canadians and temporary residents, helping them manage the cost of living and remain financially secure during a time of economic uncertainty.
By staying informed and applying for the benefits you are eligible for, you can ensure that you receive the financial support you need in 2024.