|October| 5 CRA Benefits Eligibility, Upcoming Payments, Date & Fact

New CRA Benefits Payment Date: In October 2024, Canadians is expected to receive a new batch of payments from the CRA, which is designed to provide financial help to the eligible Canadian residents, including temporary workers and immigrants, to make sure they receive the financial help they are entitled to, as five important benefits are scheduled to be handed out.

A tax-free monthly payment called the Canada Child Benefit (CCB) is given to families to help defray the costs of parenting children under the age of 18. Low- and moderate-income households can better manage the expense of the GST and HST by taking advantage of this quarterly tax-free payment. Low-income individuals and families can get refundable tax credits under the Advanced Canada Workers Benefit (ACWB).

New CRA Benefits

The purpose of the Canada Carbon Rebate (CCR) is to reduce the costs incurred by federal pollution pricing, hence increasing the affordability of environmentally friendly policies for Canadians. Residents of Ontario with low to moderate incomes can get assistance under the Ontario Trillium Benefit (OTB).

Details About 5 CRA Benefit Payments

Name of the BenefitsPayment AmountEligibilityPayment DateNext Payment Date
Canada Child Benefit (CCB)Up to $7,786.92 annuallyAll Canadian residents who have lived in Canada for at least 18 consecutive months and have a valid permit in the 19th month.Oct 18, 2024 and Nov20, 2024December 13, 2024
HST/GST PaymentIndividuals can receive up to $519 annually.Canadian residentswho filed a tax in the year 2023.Oct 4, 2024Jan 3, 2025, & April 4, 2025
Couples up to $680 with an additional $179 for each child who are under 19 years of age.
Advanced Canada Workers Benefit (ACWB)Single individuals can receive up to $1,518 annuallyCanadian resident aged at least 19 years, or live with a spouse or child. Income thresholds vary by province.Oct 11, 2024Jan 10, 2025
Families can receive up to $2,616 annually
Canada Carbon Rebate (CCR)Payments vary by province and regionAvailable to residents in provinces that are subject to federal pollution pricing, including Alberta, Saskatchewan, Manitoba, Ontario, and others.Oct 15, 2024Jan 15, 2025, and April 14, 2025
Ontario Trillium Benefit (OTB)$1,013 annuallyOntario resident who filed a tax returnin the year 2023.Oct 10, 2024 

Eligibility Requirements for Newcomers and Temporary Residents

  • International students and those with work permits who are temporary residents are also eligible for these CRA benefits as long as they meet the income and residency conditions.
  • Applying for these benefits after arrival is crucial for newcomers to Canada, as it can provide substantial financial support.
  • For instance, as soon as they fulfill the residency requirements, newly arrived families should apply for the CCB.
  • Applying for CRA perks is simple and can be done via your MyCRA Account or by sending the necessary paperwork to your tax center.
  • The secret to overcoming financial difficulties is to make sure you are aware of and current with these payments, particularly if you are a new or temporary resident of Canada.

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.

Author

  • Hari Krishnan

    Hello Friends I am writing since 2020. I have done MBA in Finance, and worked in one of the top Private Bank. Currently i am fully focusing on writing Finance related information. My aim is to provide correct and useful data to all of you. If You find any mistake or misinformation in my articles then you can contact me.

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