4 Important Canadian Benefit Payments For October 2024: Know Additional Benefits

October 2024 brings several important benefit payments to Canadians, helping them manage rising living costs. The Canada Revenue Agency (CRA) will issue payments like the Canada Child Benefit (CCB), GST/HST Credit, Canada Workers Benefit (CWB), and the Canada Carbon Rebate (CCR).

These payments are crucial for low- and moderate-income households, including temporary workers and newcomers. Here’s an overview of the payments and their schedules.

4 Important Canadian Benefit Payments

These payments are designed to assist families, low-income workers, and individuals across Canada, especially as costs continue to rise. Let’s look at each benefit, who is eligible, and when they’ll receive payments.

1. Canada Child Benefit (CCB)

The Canada Child Benefit is a tax-free payment supporting families with children under 18. It provides monthly financial assistance to help cover the costs of raising children. The amount received depends on a family’s Adjusted Family Net Income (AFNI), which is reviewed annually.

• Maximum Annual Payment:
  • Up to $7,787 per child under 6 years.
  • Up to $6,570 per child aged 6 to 17 years.
• October 2024 Payment Date: October 18, 2024

The benefit decreases as the AFNI exceeds $36,502, with future payments set for November 20 and December 13, 2024.

2. Canada Workers Benefit (CWB)

The Canada Workers Benefit (CWB) is a refundable tax credit aimed at helping low-income workers. The goal is to encourage employment while providing essential financial support. Payments are made in installments, with the next one scheduled for October.

• Maximum Payment:
  • $1,518 for single individuals.
  • $2,616 for families.
• October 2024 Payment Date: October 11, 2024

CWB benefits are provided in three installments, with the final one for this cycle set for January 10, 2025.

3. GST/HST Credit

The GST/HST Credit helps low-income households offset the cost of Goods and Services Tax (GST) and Harmonized Sales Tax (HST). After filing taxes, eligible Canadians automatically receive this credit.

• Maximum Payment:
  • $519 for single individuals.
  • $680 for couples.
  • $179 for each child under 19 years.
• October 2024 Payment Date: October 4, 2024

Future payments will be made on January 3, 2025, and April 4, 2025, providing ongoing assistance with basic expenses like groceries and utilities.

4. Canada Carbon Rebate (CCR)

The Canada Carbon Rebate (CCR), previously known as the Climate Action Incentive Payment (CAIP), helps Canadians cover the costs associated with federal pollution pricing. The rebate is available in provinces where federal carbon pricing applies, such as Alberta, Saskatchewan, Manitoba, and Ontario.

• Payment Amount: Varies by province, with higher amounts for rural residents.
• October 2024 Payment Date: October 15, 2024

Future CCR payments are scheduled for January 15, 2025, and April 14, 2025. This rebate helps offset the costs of greener policies and supports families in reducing their carbon footprint.

Additional Benefit: Ontario Trillium Benefit (OTB)

While not one of the primary CRA benefits, the Ontario Trillium Benefit (OTB) is essential for low- and moderate-income Ontario residents. It combines several credits, including the Ontario Energy and Property Tax Credit and the Ontario Sales Tax Credit.

• Maximum Payment: Up to $1,013 annually.
• October 2024 Payment Date: October 10, 2024

Recipients can choose to receive this benefit monthly or as a lump sum at the end of the year. It helps residents manage rising energy costs and property taxes.

There are rumors about specific payment amounts or new benefits. Always verify claims with official government sources to avoid misinformation.

The amounts and schedules listed here are accurate as of October 2024 but may vary based on individual circumstances like income, family size, and eligibility.

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