4 Canadian Benefit Payments in October 2024: Residents of Canada will receive another set of benefit payments in October 2024 from the Canada Revenue Agency (CRA). These payments are intended to help people cope with increasing living expenses. They are important for all Canadians, including temporary workers and newcomers, as they provide essential support for those facing financial difficulties.
This month, five main benefits will be distributed, offering a wide range of assistance to households throughout Canada. The CRA will issue various payments, such as the Canada Child Benefit, GST/HST Credit, and Canada Workers Benefit. These funds are vital for low- and moderate-income families. It’s important to check eligibility, payment amounts, and key dates to ensure you get the benefits you deserve.
The CRA is preparing to roll out these payments in October 2024 to assist Canadians dealing with higher living costs. Whether you are a citizen, permanent resident, or a temporary resident like a work permit holder or international student, these benefits aim to provide financial help. Let’s take a closer look at each benefit and how they can assist different groups, especially newcomers to Canada.
What Canadian Benefit Payments Are Scheduled for October 2024?
October is a significant month for benefit disbursements from the Canada Revenue Agency (CRA), providing essential financial assistance through a range of programs. This overview will detail the various benefits available, emphasizing their potential impact on diverse groups within the population, particularly newcomers to Canada.
- Canada Child Benefit (CCB) starts on October 18, 2024, providing up to $7,787 annually for each child under 6, aimed at families with children aged below 18.
- GST/HST Credit will be available on October 4, 2024, offering $519 for individuals and $680 for couples, targeting low- and moderate-income households.
- Canada Workers Benefit (CWB) is set for October 11, 2024, with benefits of $1,518 for individuals and $2,616 for families, designed for low-income workers.
- Canada Carbon Rebate (CCR) launches on October 15, 2024, with amounts varying by region, benefiting residents in provinces with carbon pricing.
- Ontario Trillium Benefit (OTB) will be available on October 10, 2024, providing up to $1,013 per year for low- and moderate-income residents of Ontario.
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4 CRA Benefits In Canada
1. CCB or CANADA CHILD BENEFIT:
- The Canada Child Benefit (CCB) is vital financial support for families with children under 18 in Canada.
- This tax-free payment assists with the costs of raising children, providing monthly help for family expenses.
- In July, the CCB amount is updated based on the family’s Adjusted Family Net Income (AFNI) for individual assistance.
- Families can receive up to $7,786.92 per year for each child below 6, and up to $6,570 for children aged 6 to 17.
- Payment amounts decrease as the AFNI rises above $36,502, with upcoming payment dates on October 18, November 20, and December 13, 2024.
2. ACWB or ADVANCED CANADA WORKER BENEFIT:
- The Advanced Canada Workers Benefit (ACWB) is a tax credit that helps low-income workers financially.
- It aims to promote job retention and assist individuals and families with limited income.
- Canadian residents aged 19 and older, including those living with a spouse or child, can qualify.
- Those applicants who are single, they can get up to $1,518 each year, while families may receive up to $2,616, paid in three installments.
- Upcoming payments are scheduled for October 11, 2024, and January 10, 2025, providing essential support to low-income workers.
3. GST/HST CREDIT:
- The GST/HST credit provides tax-free payments every quarter to assist low-income households with the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) costs.
- Once taxes are filed, the credit is automatically granted, offering a straightforward way for eligible Canadians to receive financial support.
- All Canadian residents, including temporary workers, qualify for this benefit without needing to apply separately after filing their taxes.
- Individuals can get up to $519 each year, while couples may receive as much as $680. Families also get $179 for each child under 19.
- Upcoming payments are scheduled for October 4, 2024, January 3, 2025, and April 4, 2025, helping lower-income individuals and families manage daily expenses like groceries and utilities.
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4. CCR or CANADA CARBON REBATE:
- The Canada Carbon Rebate (CCR), previously called the Climate Action Incentive Payment (CAIP), helps Canadians with costs from federal pollution pricing.
- It aims to make green policies more affordable for everyone.
- The rebate is available in provinces where federal pollution pricing is enforced, such as Alberta, Saskatchewan, Manitoba, and Ontario.
- The amount of the rebate differs by province and may be higher for those in rural or small communities.
- CCR payments are set for October 15, 2024, January 15, 2025, and April 14, 2025, ensuring families can manage costs while supporting environmental efforts.
5. OTB or ONTARIO TRILLIUM BENEFIT:
- The Ontario Trillium Benefit (OTB) supports low- and moderate-income residents in Ontario financially by merging three types of credits: the Ontario Energy and Property Tax Credit, the Ontario Sales Tax Credit, and the Northern Ontario Energy Credit.
- Residents who filed their 2023 tax return can qualify, including some temporary residents who meet the criteria.
- Payment amounts depend on individual income and circumstances, with the OTB providing up to $1,013 each year.
- Recipients can opt for monthly payments or a one-time payment at the end of the year.
- The next OTB payment is scheduled for October 10, 2024, helping residents manage energy, property taxes, and sales tax burdens.
Fact Check
Most deposits for government programs will vary based on individual circumstances, including income, work history, and eligibility. To avoid becoming a victim of misinformation, always verify claims through official government websites or consult a financial advisor. The article is based on news and data. It is advised not to use this article as professional advice for use. For accurate information, refer to the official website
