CRA Benefit Payments: What to Expect in October 2024

CRA Benefit Payments: What to Expect in October 2024

Canadians can look forward to a series of benefit payments from the Canada Revenue Agency (CRA) in October 2024. These payments aim to provide financial relief amid rising living costs. Whether you're a Canadian citizen, permanent resident, or a temporary resident like a work permit holder or international student, these benefits could offer significant assistance.

Table of Contents

1. Canada Child Benefit (CCB)

2. GST/HST Payment

3. Advanced Canada Workers Benefit (ACWB)

4. Canada Carbon Rebate (CCR)

5. Ontario Trillium Benefit (OTB)

6. Eligibility for Temporary Residents & Newcomers

1. Canada Child Benefit (CCB)

The Canada Child Benefit (CCB) is a tax-free monthly payment designed to help families with children under 18 years old.

• Eligibility:

  • Canadian residents, including temporary residents who have lived in Canada for at least 18 consecutive months and have a valid permit in the 19th month.

  • Newcomers should apply upon settling in Canada to start receiving the CCB.

• Payment Amounts:

  • Up to $7,786.92 annually ($648.91 per month) for each child under 6.

  • Up to $6,570 annually ($547.50 per month) for each child aged 6 to 17.

  • Payments decrease as the adjusted family net income (AFNI) exceeds $36,502.

• Next Payment Dates:

  • October 18, 2024

  • November 20, 2024

  • December 13, 2024

2. GST/HST Payment

The GST/HST credit is a quarterly tax-free payment that helps low- and moderate-income households offset the cost of the Goods and Services Tax (GST) and Harmonized Sales Tax (HST).

• Eligibility:

  • Automatic upon filing taxes for Canadian residents, including temporary residents.

• Payment Amounts:

  • Individuals: Up to $519 annually.

  • Couples: Up to $680 annually.

  • Additional $179 per child under 19.

• Next Payment Dates:

  • October 4, 2024

  • January 3, 2025

  • April 4, 2025

3. Advanced Canada Workers Benefit (ACWB)

The Advanced Canada Workers Benefit (ACWB) provides refundable tax credits to low-income individuals and families to encourage workforce participation.

• Eligibility:

  • Canadian residents aged 19 or older, or those living with a spouse or child.

  • Income thresholds vary by province.

• Payment Amounts:

  • Singles: Up to $1,518 annually.

  • Families: Up to $2,616 annually.

  • Payments are split into three quarterly installments.

• Next Payment Dates:

  • October 11, 2024

  • January 10, 2025

4. Canada Carbon Rebate (CCR)

Formerly known as CAIP, the Canada Carbon Rebate (CCR) is designed to offset costs associated with federal pollution pricing.

• Eligibility:

  • Residents in provinces subject to federal pollution pricing, including Alberta, Saskatchewan, Manitoba, and Ontario.

• Payment Amounts:

  • Varies by province and region.

  • Additional amounts for residents of rural or small communities.

• Next Payment Dates:

  • October 15, 2024

  • January 15, 2025

  • April 14, 2025

5. Ontario Trillium Benefit (OTB)

The Ontario Trillium Benefit (OTB) provides relief for low- to moderate-income Ontario residents by combining three credits:

• Eligibility:

  • Ontario residents who have filed a 2023 tax return.

  • Temporary residents meeting residency requirements can qualify.

• Payment Amounts:

  • Up to $1,013 annually.

  • Paid monthly or as a lump sum based on preference chosen when filing taxes.

• Next Payment Date:

  • October 10, 2024

6. Eligibility for Temporary Residents & Newcomers

Temporary residents, such as international students and work permit holders, may also be eligible for these CRA benefits if they meet residency and income requirements.

• Action Steps:

  • Newcomers should apply for benefits like the CCB as soon as they meet the residency criteria.

  • Temporary residents should ensure they file their taxes to automatically receive benefits like the GST/HST credit.

Applying for CRA benefits can be done through your MyCRA Account or by submitting relevant forms to your tax centre. For detailed information on eligibility, payment schedules, and how to apply, visit the official CRA website.

Summary of Upcoming CRA Benefit Payments in October 2024

• GST/HST Credit: October 4, 2024

• Ontario Trillium Benefit: October 10, 2024

• Advanced Canada Workers Benefit: October 11, 2024

• Canada Carbon Rebate (CCR): October 15, 2024

• Canada Child Benefit (CCB): October 18, 2024

Staying informed about these payments can help you navigate financial challenges, especially as a new or temporary resident in Canada. Ensure you meet all eligibility requirements and file any necessary applications or tax returns to receive the benefits you're entitled to.