5 CRA Benefit Payments Coming This Month 2024

The Canada Revenue Agency (CRA) is gearing up to provide a new round of benefit payments in October 2024. These benefits aim to support Canadians as they navigate rising costs of living. Whether you’re a Canadian citizen, a permanent resident, or a temporary resident like a work permit holder or international student, these benefits are designed to provide financial relief. Let’s explore each benefit in detail, focusing on how they can help different segments of the population, especially newcomers to Canada.

1. Canada Child Benefit (CCB)

The Canada Child Benefit (CCB) is a tax-free monthly payment aimed at helping families with children under the age of 18 manage the cost of raising them. This benefit is especially critical for families with limited income, as it directly reduces the financial burden of caring for children.

Eligibility:

• All Canadian residents, including temporary residents (such as international students or workers), are eligible after living in Canada for 18 consecutive months and holding a valid permit in the 19th month.
• Families must apply for this benefit after settling in Canada.

Payment Amounts:

• For each child under 6 years, families can receive up to $7,786.92 annually, which breaks down to $648.91 per month.
• For children aged 6 to 17, the amount is up to $6,570 annually, or $547.50 per month.
• Payments decrease as the adjusted family net income (AFNI) increases beyond $36,502.

Next Payment Dates:

• Families can expect their payments on October 18, November 20, and December 13, 2024.

This benefit is essential for low- and middle-income families as it ensures they receive necessary financial support to cover essential child-related expenses like education, food, and clothing.

2. HST/GST Payment

The GST/HST credit is a quarterly, tax-free payment that helps lower-income households manage the cost of Goods and Services Tax (GST) and Harmonized Sales Tax (HST). It’s automatic once taxes are filed, making it a simple yet effective relief for eligible Canadians.

Eligibility:

• All Canadian residents, including temporary workers, automatically qualify for this benefit after filing their taxes. No separate application is required.

Payment Amounts:

• Individuals may receive up to $519 annually, while couples can receive up to $680.
• Additionally, families receive $179 per child under 19 years of age.

Next Payment Dates:

• The upcoming payments will be made on October 4, 2024, January 3, 2025, and April 4, 2025.

For lower-income individuals and families, the GST/HST credit helps to offset everyday living costs, making essentials like groceries and utilities more affordable.

3. Advanced Canada Workers Benefit (ACWB)

The Advanced Canada Workers Benefit (ACWB) is a refundable tax credit designed to provide financial incentives to low-income workers. This benefit encourages employment and supports individuals and families who may be struggling with modest incomes.

Eligibility:

• Canadian residents aged 19 or older are eligible, as well as those who live with a spouse or child. Each province has specific income thresholds.

Payment Amounts:

• Single individuals may receive up to $1,518 annually, while families could receive up to $2,616, distributed across three quarterly payments.

Next Payment Dates:

• Upcoming payments will be made on October 11, 2024, and January 10, 2025.

The ACWB is particularly important for working Canadians with low income, as it offers them financial relief and motivates them to remain in the workforce by supplementing their earnings.

4. Canada Carbon Rebate (CCR)

Formerly known as the Climate Action Incentive Payment (CAIP), the Canada Carbon Rebate (CCR) is designed to help Canadians manage the costs associated with federal pollution pricing. The goal is to make environmentally friendly policies more affordable for the general public.

Eligibility:

• The rebate is available to residents of provinces where federal pollution pricing applies. This includes Alberta, Saskatchewan, Manitoba, Ontario, and a few others.

Payment Amounts:

• The amount varies based on the province and whether a person lives in a rural or small community, where additional amounts may apply.

Next Payment Dates:

• CCR payments are scheduled for October 15, 2024, January 15, 2025, and April 14, 2025.

This benefit makes sure that Canadians aren’t overburdened by the costs of eco-friendly initiatives like carbon pricing, ensuring that families can still afford daily necessities while contributing to environmental sustainability.

5. Ontario Trillium Benefit (OTB)

The Ontario Trillium Benefit (OTB) provides a financial boost to 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 return are eligible. Temporary residents in Ontario may also qualify if they meet residency requirements.

Payment Amounts:

• Payment amounts vary depending on individual income and situation. The OTB can provide up to $1,013 annually.
• Recipients can choose to receive their benefit either in monthly payments or as a lump sum at the end of the year.

Next Payment Date:

• The next OTB payment will be made on October 10, 2024.

For those living in Ontario, the OTB helps with energy and property taxes, which are often significant expenses. It also eases the burden of sales taxes, especially for families with limited income.

Eligibility for Temporary Residents and Newcomers

Temporary residents, such as international students and work permit holders, can also qualify for these benefits if they meet certain residency and income requirements. For newcomers to Canada, applying for these benefits as soon as they meet the criteria is essential, as it can provide substantial financial relief.

For example, families who have recently landed in Canada should apply for the Canada Child Benefit (CCB) as soon as they become eligible to ensure they receive this critical support.

Upcoming CRA Benefit Payments in October 2024

Here’s a quick look at the CRA benefit payments coming in October 2024:

• GST/HST Credit: October 4, 2024
• Advanced Canada Workers Benefit: October 11, 2024
• Ontario Trillium Benefit: October 10, 2024
• Canada Carbon Rebate (CCR): October 15, 2024
• Canada Child Benefit (CCB): October 18, 2024

Staying informed about these benefits is key, as they offer a significant source of financial assistance to eligible Canadians, temporary residents, and newcomers alike.