Canadians can look forward to a wave of financial relief this October 2024, thanks to a fresh batch of payments from the Canada Revenue Agency (CRA). With five significant benefits on the horizon, it’s crucial for eligible residents—including temporary workers and newcomers—to ensure they receive the support they’re entitled to.
Here’s a rundown of the key CRA benefit payments scheduled for this October:
1. Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) is a tax-free monthly payment aimed at helping families cover the costs of raising children under 18. Payments are based on a family’s adjusted net income and are recalculated annually.
Eligibility: All Canadian residents, including temporary residents who have lived in Canada for at least 18 months and hold a valid permit, are eligible. Newcomers should apply online via My Account or by mail using Form RC66.
Payment Amounts: Families can receive up to $7,786.92 annually for children under 6 ($648.91 per month) and up to $6,570 annually for children aged 6 to 17 ($547.50 per month).
Next Payment Dates: October 18, November 20, and December 13, 2024.
2. HST/GST Credit
The GST/HST credit helps low- and moderate-income households manage the Goods and Services Tax (GST) and Harmonized Sales Tax (HST).
Eligibility: Automatic for Canadian residents who have filed taxes. No separate application needed.
Payment Amounts: Up to $519 annually for individuals, $680 for couples, and an additional $179 per child under 19.
Next Payment Date: October 4, 2024.
3. Advanced Canada Workers Benefit (ACWB)
The ACWB offers refundable tax credits to low-income individuals and families to encourage work and support modest incomes.
Eligibility: Canadian residents aged 19 or older, or those living with a spouse or child, with income thresholds varying by province.
Payment Amounts: Single individuals can receive up to $1,518 annually, and families up to $2,616, distributed in three quarterly payments.
Next Payment Date: October 11, 2024.
4. Canada Carbon Rebate (CCR)
Formerly known as the CAIP, the Canada Carbon Rebate helps offset costs associated with federal pollution pricing.
Eligibility: Residents in provinces subject to federal pollution pricing, such as Alberta, Saskatchewan, Manitoba, and Ontario.
Payment Amounts: Varies by province and region, with additional amounts for rural or small communities.
Next Payment Date: October 15, 2024.
5. Ontario Trillium Benefit (OTB)
The Ontario Trillium Benefit (OTB) provides relief for low- to moderate-income Ontario residents and combines the Ontario Energy and Property Tax Credit, the Ontario Sales Tax Credit, and the Northern Ontario Energy Credit.
Eligibility: Ontario residents who have filed a 2023 tax return. Temporary residents who meet the residency requirements can also qualify.
Payment Amounts: Up to $1,013 annually, with payments either monthly or as a lump sum.
Next Payment Date: October 10, 2024.
Special Note for Temporary Residents & Newcomers
Temporary residents, including international students and work permit holders, may also qualify for these CRA benefits if they meet the necessary residency and income criteria. It’s essential for newcomers to apply for these benefits promptly after arriving in Canada to maximize available financial support.
For detailed information on eligibility, payment schedules, and application procedures, visit the official CRA website or access your MyCRA Account.
Stay informed and make sure you’re prepared to take advantage of these crucial financial supports this October!
