The Canada Revenue Agency (CRA) is set to roll out increased payments for four key benefits starting in July 2024. This financial boost aims to help Canadians manage the rising cost of living.
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Who Will Benefit?
Eligible Canadian taxpayers, including temporary residents such as work permit holders and international students, will see these increased payments. All major CRA payments are made quarterly, making July an important month for recalculating annual benefits based on the previous tax year’s data.
CRA Benefits Payments Starting in July 2024
Canada Child Benefit (CCB)
The CCB is a tax-free monthly payment to help families with the costs of raising children. Recalculated every July based on the previous year’s adjusted family net income (AFNI), the amount adjusts to reflect current financial circumstances.
Eligibility:
- Available to all Canadian taxpayers, including work permit holders and international students.
- Temporary residents must have lived in Canada for 18 consecutive months and have a valid permit in their 19th month.
- Amount depends on 2023 income and the age of the child(ren).
New Payment Amounts:
- For children under 6: Up to $7,786.92 annually ($648.91 per month).
- For children 6 to 17: Up to $6,570 annually ($547.5 per month).
Next Payment Dates:
- July 19, August 20, September 20, October 18, November 20, and December 13, 2024.
HST/GST Credit
This quarterly tax-free payment helps offset the tax burden for individuals and families with low to moderate incomes.
Eligibility and Payment Amounts:
- Automatic upon filing taxes; based on 2023 tax return.
- Single individuals: Up to $519 annually.
- Married couples/common-law partners: Up to $680 annually.
- Each child under 19: Additional $179 annually.
Next Payment Dates:
- July 5, October 4, 2024, January 3, and April 4, 2025.
Advanced Canada Workers Benefit (ACWB)
This refundable tax benefit supports low-income individuals and families, encouraging work while providing financial assistance.
Eligibility:
- Must be 19 or older by December 31, or live with a spouse, common-law partner, or child.
- Must be a Canadian resident throughout the year.
- Income must be below the provincial/territorial threshold.
New Payment Amounts:
- Single individuals: Up to $1,518 annually.
- Families: Up to $2,616 annually.
Next Payment Dates:
- July 12, October 11, 2024, and January 10, 2025.
Canada Carbon Rebate (CCR)
Formerly known as the Climate Action Incentive Payment (CAIP), this rebate offsets costs associated with federal pollution pricing.
Eligibility:
- Residents of Alberta, Saskatchewan, Manitoba, Ontario, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island.
Next Payment Dates:
- July 15, October 15, 2024, January 15, and April 14, 2025.
Important Information
Adjusted Family Net Income (AFNI): Your family’s net income minus any universal child care benefit and registered disability savings plan income, plus any UCCB and RDSP amounts repaid.
Staying informed about these changes and payment dates can help you maximize the financial support available. For more information, visit the CRA website or consult with a financial advisor.
Maximize Your Financial Support
Understanding these benefits and staying aware of the payment dates can help you manage your finances more effectively. For detailed information, consult the CRA website or speak with a financial advisor.
CRA Payments for July 2024
- Canada Child Benefit: July 19, August 20, September 20, October 18, November 20, December 13.
- HST/GST Credit: July 5, October 4, January 3, April 4.
- Advanced Canada Workers Benefit: July 12, October 11, January 10.
- Canada Carbon Rebate: July 15, October 15, January 15, April 14.
By staying informed, you can ensure a more stable and secure financial future.
