Canada Residents Set to Receive Another Round of Benefit Payments October 2024

In October 2024, residents across Canada will receive another round of benefit payments from the Canada Revenue Agency (CRA), providing essential financial support amid rising living costs. These payments are critical for individuals and families, including temporary workers and newcomers, facing economic challenges. This month, five key benefits will be distributed, each aimed at supporting households across Canada.

Overview of the October 2024 CRA Benefits

According to Immigration News Canada, five significant benefits will be disbursed this month: the Canada Child Benefit (CCB), GST/HST Credit, Advanced Canada Workers Benefit (ACWB), Canada Carbon Rebate (CCR), and the Ontario Trillium Benefit (OTB). These payments are vital for maintaining the financial well-being of Canadian residents, helping with everything from child-rearing expenses to tax offsets and employment encouragement.

Canada Child Benefit (CCB)

The Canada Child Benefit (CCB) is one of the most crucial financial aids provided to Canadian families with children under 18. This tax-free payment assists with the costs associated with raising children, offering monthly support to help families manage expenses.

Eligibility

All Canadian residents, including temporary residents who have lived in Canada for at least 18 consecutive months with a valid permit, are eligible for the CCB. Newcomers who arrive in Canada after tax filing deadlines can also apply for the CCB online through their My Account or by mailing Form RC66, the Canada Child Benefits Application form.

Payment Amounts

Families with children under six can receive a maximum annual benefit of up to $7,786.92 (or $648.91 per month), while families with children aged six to 17 can receive a maximum of $6,570 per year (or $547.50 per month). Note that the payment decreases as a family’s Adjusted Family Net Income (AFNI) exceeds $36,502.

Next Payment Dates

The upcoming CCB payments are scheduled for October 18th, November 20th, and December 13th, 2024.

GST/HST Credit

The Goods and Services Tax/Harmonized Sales Tax (GST/HST) Credit is another significant financial benefit offered by the CRA. This credit helps low- to moderate-income households offset the GST/HST paid on everyday goods and services.

Eligibility

Eligibility for the GST/HST Credit is automatic for Canadian residents, including temporary residents, who file their taxes. There’s no need for a separate application, as the CRA assesses eligibility based on the tax return filed.

Payment Amounts

Single individuals can receive up to $519 annually, while couples can receive a maximum of $680. Families can also receive an additional $179 per child under 19.

Next Payment Dates

The next GST/HST Credit payments will be made on October 4th, January 3rd, 2025, and April 4th, 2025.

Advanced Canada Workers Benefit (ACWB)

The Advanced Canada Workers Benefit (ACWB) is a refundable tax credit aimed at supporting individuals and families with low incomes. This benefit is especially beneficial for those employed but struggling to meet financial demands.

Eligibility

To qualify for the ACWB, individuals must be Canadian residents aged 19 or older, or live with a spouse or dependent child. The eligibility criteria and income thresholds for the ACWB vary by province.

Payment Amounts

Single individuals can receive up to $1,518 annually, while families can receive up to $2,616 per year. These payments are distributed in quarterly installments.

Next Payment Dates

The next ACWB payments will be sent out on October 11th, 2024, with subsequent payments scheduled for January 10th, 2025.

Canada Carbon Rebate (CCR) – Formerly Known as CAIP

The Canada Carbon Rebate (CCR) helps individuals and families offset the costs associated with the federal carbon pricing system. The CCR encourages sustainable practices by reducing the financial impact of carbon pricing on households.

Eligibility

The CCR is available to residents in provinces where federal pollution pricing applies, including Alberta, Saskatchewan, Manitoba, and Ontario. Residents of rural or small communities may receive additional funds.

Payment Amounts

The rebate amount varies by province and region, with higher amounts available for residents in rural areas facing unique financial challenges.

Next Payment Dates

Upcoming CCR payments are scheduled for October 15th, January 15th, 2025, and April 14th, 2025.

Ontario Trillium Benefit (OTB)

The Ontario Trillium Benefit (OTB) provides financial assistance to low- and moderate-income residents of Ontario by combining three separate credits into a single payment: the Ontario Energy and Property Tax Credit, the Ontario Sales Tax Credit, and the Northern Ontario Energy Credit.

Eligibility

Eligibility for the OTB is determined based on the previous year’s tax return. Ontario residents, including temporary residents who meet the residency requirements, can apply for this benefit.

Payment Amounts

The OTB can provide up to $1,013 annually, with payments available as a lump sum or in monthly installments, depending on the preference indicated when filing the tax return.

Next Payment Date

The next OTB payment is scheduled for October 10th, 2024.

Eligibility for Temporary Residents and Newcomers

Reports from Immigration News Canada confirm that temporary residents, including international students and work permit holders, are eligible for these CRA benefits as long as they meet residency and income requirements. Temporary residents who have lived in Canada for at least 18 consecutive months with a valid permit are eligible for the CCB and other available benefits.

Newcomers are encouraged to apply for these benefits upon their arrival in Canada to receive financial support. For more details on eligibility, payment schedules, and application processes, individuals can visit the CRA website.

GST/HST Payment Dates 2024: Due, Netfile Deadlines, & Filing Requirements

1200 Month for Retired Seniors Know Eligibility Payment Dates Fact Check

Next GST Payment 2024-2025: Amount, Payment Dates, and Eligibility

CRA Set to Issue ACWB Payment October 11, 2024

Canada GST/HST Tax Relief Payment Credit for Low Income Holders Oct 2024

The upcoming benefit payments scheduled for October 2024 offer crucial support to Canadian residents during challenging economic times. Whether it’s assisting families with children through the Canada Child Benefit, providing relief for low-income households via the GST/HST Credit, or offsetting carbon pricing costs with the Canada Carbon Rebate, these CRA benefits are designed to help individuals and families from various backgrounds.

For Ontario residents, the Ontario Trillium Benefit provides additional assistance with energy costs and property taxes, making it easier to manage living expenses. Additionally, the Advanced Canada Workers Benefit continues to offer financial incentives for employment, ensuring that even those with modest incomes have access to vital resources.

Temporary residents and newcomers should be aware of the eligibility requirements and apply for these benefits to take advantage of the financial support offered by the CRA. By doing so, they can navigate economic challenges more easily, knowing that assistance is available to help them adjust to life in Canada.

For more information on how to apply, check eligibility, or view the payment schedule, individuals are encouraged to visit the official CRA website and utilize the resources available to them.