Many Canadians are having a hard time with the rising cost of living because of the way the economy is right now. Through the Canada Revenue Agency (CRA), the Canadian government gives a number of credits and rebates to help ease this burden. Knowing these payment times and requirements can have a big effect on how people plan their finances. Let’s talk about the CRA payment dates coming up in April 2024 and the perks that come with them.
In order to pay the goods and services tax (GST),
Coming on April 5, 2024, the GST/HST credit is meant to help people and families with low to middle incomes pay less in taxes. Based on the information you put on your 2023 tax return, this tax-free payment is made every three months. People who are eligible can expect:
— $496 for single people; $650 for married or common-law couples; $171 for each child younger than 19;
People who are new to Canada can also get the GST payment, but they have to apply when they get there. For eligible Canadians, the GST payment is important cash help that improves their well-being.
Child Benefit (CCB) for Canada:
Families with children who qualify will get the Canada Child Benefit on April 19, 2024. This monthly payment is not taxed and helps with the costs of having kids. For the CCB, things like income and the ages of the children are taken into account. Before they can apply, temporary residents must have lived in Canada for 18 months straight and still have a valid pass in the 19th month of their stay.
Carbon Rebate (CCR) for Canada:
The Canada Carbon Rebate, which used to be called the Climate Action Incentive Payment (CAIP), will start on April 15, 2024. This payment, which is not taxed, is meant to help families and individuals cover costs linked to the federal carbon pricing. People who live in certain areas can get different amounts of rebates, which are sent out every three months. Knowing the requirements for qualifying and the amount of the rebate can help people make the most of their money.
Benefits for Advanced Canadian Workers (ACWB):
The Advanced Canada Workers Benefit (ACWB) is set to start on July 12, 2024, but it’s important to note that it’s not happening in April. This aid helps workers with low incomes by giving them extra money on top of what they already make. People can plan their funds and get the help they need when they need it when they know when their next payments are due.
As much as a Canada Carbon Tax Rebate payment of $1,800 ($450 quarterly) in Alberta, $1,200 ($300 quarterly) in Manitoba, $1,120 ($280 quarterly) in Ontario, $1,504 ($376 quarterly) in Saskatchewan, $760 ($190 quarterly) in New Brunswick, $824 ($206 quarterly) in Nova Scotia, $880 ($220 quarterly) in Prince Edward Island, and $1,192 ($298 quarterly) in Newfoundland and Labrador. Every province has its own limit.
Finding your way around the complicated world of government aid can be hard, but Canadians who need help need to know when their CRA payments are due in April 2024. The GST payment, the Canada Child Benefit, the Canada Carbon Rebate, and the Advanced Canada Workers Benefit are all very important for improving people’s financial health. It’s best to check with the Canada Revenue Agency (CRA) about any changes, though, since payment times can change. Canadians can better manage their money and live better overall by making the most of the tools that are available to them.
