2024 is here, but it won't be easy: grocery prices are high and housing is unaffordable, causing the overall cost of living in Canada to skyrocket.
For people who are worried about the high cost of living, federal government benefits and tax credits can give you some relief.
Canadians are expected to receive some funding from the government in 2024.
图源:CTV News/Jeff Denesyk
Here's how and when you'll get more funding from the federal government in 2024.
1. GST Credit Benefits:
The benefit is designed to help low- to moderate-income Canadian individuals and families offset their tax payments, with quarterly payments when:
- January 5, 2024
- April 5, 2024
- July 5, 2024
- October 4, 2024
Source: CRA official website
According to the government, the amount of benefits varies according to the family's status:
- If you are single, it is up to $496 CAD
- If you are married or have a common-law partner, up to $650 CAD
- Up to $171 CAD per child under the age of 19
You don't need to claim this benefit because your tax return automatically calculates whether you can get it.
Last year, the federal government doubled the GST credit in six months of peak inflation.
2. Canada Child Benefit (CCB):
The Canada Child Benefit is a benefit provided by the Government of Canada to help pay for raising a child, which is administered and disbursed by the Canada Revenue Agency (CRA) on a monthly basis:
- January 19, 2024
- February 20, 2024
- March 20, 2024
- April 19, 2024
- May 17, 2024
- June 20, 2024
- July 19, 2024
- August 20, 2024
- September 20, 2024
- October 18, 2024
- November 20, 2024
- December 13, 2024
According to the message, each:
- $7,437 CAD per year for children under 6 years of age
- $6,275 CAD per year for children ages 6 to 17
Source: hrblock.ca
Please assess the details of your application and how much you can get online.
3. Canada Workers' Benefit (CWB):
The Canada Workers Benefit is a tax credit benefit that is designed to help low-income individuals and families and is paid when:
- January 12, 2024
- July 12, 2024
- October 11, 2024
You are eligible for Canada Worker Benefits if you:
- Be 19 years of age on December 31 or live with your spouse, common-law partner or your children
- Be a resident of Canada all year round
- Are working, but earn less than the net income level set by the province or territory where you live.
Source: CRA official website Eligible for:
- Single Canadians can earn up to $1,428 CAD per year
- Canadian families can receive up to $2,461 CAD per year.
Depending on your annual income, you can also receive disability benefits of up to $737 CAD.
4. 气候行动福利金(CAIP):
The Climate Action Benefit is a benefit designed to help individuals and families offset federal pollution taxes.
Residents of Alberta, Saskatchewan, Manitoba, Ontario, Newfoundland and Labrador, Nova Scotia and Prince Edward Island are eligible for the benefit.
It consists of a basic benefit and a subsidy for residents of rural communities, which is paid quarterly and is paid at the following times:
- January 15, 2024
- April 15, 2024
- July 15, 2024
- October 15, 2024
Source: CRA official website Taking Ontario as an example, the basic amount is:
- $122 CAD per person
- $61 CAD for spouse or common-law partner
- $30.5 CAD per child under 19 years of age
- $61 CAD for the first child in a single-parent family
The rural subsidy is an additional 10%:
- $12.20 CAD for individuals
- $6.10 CAD for spouse or common-law partner
- $3.05 CAD per child under the age of 19
- $6.10 CAD for the first child in a single-parent family
Based on the above information, each family of four in Toronto will receive up to the following this year:
- GST credit benefits: $650 + 2 * $171 = $992
- 儿童福利金：2*$7,437=$14,874
- Canada Worker's Benefit: $2,461
- 气候行动福利金：2*$61+2*$30.5=$183
总计：$992+$14,874+$2,461+$183=$18,510。
Can you receive all these benefits? How much will you get from the government? Welcome to leave a message to communicate!