As September 2024 approaches, Ontario residents can look forward to two vital CRA benefit payments that provide crucial financial support. These benefits are designed to ease the cost of raising children and managing everyday expenses. In this guide, we’ll explore what these benefits are, who is eligible, and when you can expect to receive them.
What You Need to Know About the Upcoming CRA Benefits
- Canada Child Benefit (CCB)
- Ontario Trillium Benefit (OTB)
Let’s dive into the details of each benefit, including eligibility criteria, payment amounts, and dates for September 2024.
1. Canada Child Benefit (CCB)
What Is It?
The Canada Child Benefit (CCB) is a tax-free monthly payment designed to help eligible families with the costs of raising children under 18. This benefit aims to support families with low to moderate incomes, ensuring children have access to necessary resources for healthy growth and development.
Eligibility Criteria:
- Residency: Must be a resident of Canada for tax purposes.
- Primary Caregiver: Must live with and be primarily responsible for the child’s care.
- Tax Filing: You and your spouse/common-law partner must file an income tax return annually, even if there is no income to report.
- Eligible Child: The child must be under 18 years of age.
For Temporary Residents:
- Valid Immigration Status: Must hold a valid work or study permit and have lived in Canada for at least 18 months.
- Intention to Stay: Must intend to continue residing in Canada.
- No Social Assistance: Must not be receiving social assistance except for disability.
For Newcomers to Canada:
- Residency Status: Must be a permanent resident, protected person, or a temporary resident who has lived in Canada for 18 months with a valid permit.
- Application: Complete Form RC66 and provide necessary documentation such as proof of immigration status and residency.
Maximum Payment Amounts for 2024-2025:
- Children Under 6: Up to $7,787 per child.
- Children Aged 6 to 17: Up to $6,570 per child.
- Additional Supplements: Up to $3,322 annually for children eligible for the Disability Tax Credit.
Payment Date for September 2024:
The CCB payment will be issued on September 20, 2024.
Payment Methods:
- Direct Deposit: Most efficient; funds deposited directly into your bank account.
- Cheque: Mailed out and may take several days to arrive.
Tips for Timely Payments:
- Update Information: Ensure your personal and banking details are current with the CRA.
- File Taxes Promptly: Annual tax filing is crucial for calculating and maintaining your benefit payments.
Click here for more information and to apply for the Canada Child Benefit.
2. Ontario Trillium Benefit (OTB)
What Is It?
The Ontario Trillium Benefit (OTB) is a provincial benefit that combines three credits into one monthly payment to help low- and moderate-income individuals and families with essential living expenses. The combined credits are:
- Ontario Sales Tax Credit (OSTC)
- Ontario Energy and Property Tax Credit (OEPTC)
- Northern Ontario Energy Credit (NOEC)
Eligibility Criteria:
- Residency: Must be a resident of Ontario on December 31 of the previous year.
- Tax Filing: Must file your personal income tax and benefit return.
- Age and Income: Eligibility and benefit amounts depend on age, family status, and income.
For Temporary Residents:
- Residency Status: Must be a resident of Ontario for tax purposes on December 31 of the previous year.
- Valid Permits: Must hold valid work or study permits and file an Ontario tax return declaring worldwide income.
For Newcomers to Canada:
- Residency Requirement: Must be a resident of Ontario on December 31 of the previous year.
- Tax Filing: Must file an Ontario income tax return including Schedule ON-BEN.
Maximum Payment Amounts for 2024:
- Ontario Sales Tax Credit (OSTC): Up to $360 per person.
- Ontario Energy and Property Tax Credit (OEPTC):
- Under 65: Up to $1,248.
- 65 and Older: Up to $1,421.
- Northern Ontario Energy Credit (NOEC):
- Single Individuals: Up to $180.
- Families: Up to $277.
Payment Date for September 2024:
The OTB payment will be issued on September 10, 2024.
Payment Methods:
- Direct Deposit: Funds are deposited directly into your bank account.
- Cheque: Mailed payments may arrive several days after the issuance date.
Tips for Accurate Payments:
- Update Information: Notify the CRA of any changes in address, marital status, or banking details.
- Annual Tax Filing: File your taxes on time each year to continue receiving benefits without interruption.
Click here for more information and to apply for the Ontario Trillium Benefit.
Key Takeaways:
- Apply Early: Temporary residents and newcomers should apply as soon as they meet eligibility criteria to start receiving benefits without delay.
- File Taxes Annually: Consistent tax filing is essential for accurate benefit calculations and continued support.
- Update Information: Keep your personal and financial information current with the CRA to ensure timely payments.
By staying informed and proactive, eligible individuals and families can effectively utilize these benefits to improve their financial well-being and enjoy a better quality of life in Ontario.
