Great news, Canada! In August 2024, the Canada Revenue Agency (CRA) will be enhancing four key benefits to help ease the financial burden many Canadians are experiencing.
This update is part of the government’s continuous effort to adjust benefits in response to the rising cost of living, ensuring Canadians receive the necessary support.
These enhancements mean more money in your pocket to assist with everyday expenses, and understanding these benefits can help you plan your finances more effectively.
CRA Benefit Boost in August 2024
Starting in August 2024, the CRA will increase payments for four major benefits. These benefits play a crucial role in supporting Canadian families and individuals, helping to offset various living expenses.
Canada Child Benefit (CCB)
The Canada Child Benefit is a tax-free monthly payment that assists families with the costs of raising children. Eligibility is determined based on the Adjusted Family Net Income (AFNI), calculated using your tax return.
Beginning in August 2024, the maximum annual benefit for children under six will rise to $7,786.92, up from $7,437. This increase is intended to help families manage childcare and educational expenses.
GST/HST Credit
The GST/HST credit is a tax-free quarterly payment designed to help individuals and families with low to moderate incomes offset the GST/HST they pay. Starting in August 2024, the maximum annual credit for single individuals will increase to $519, up from $496.
For couples, it will rise to $680 from $650, reducing the tax burden on everyday expenses.
Advanced Canada Workers Benefit (ACWB)
The ACWB is a refundable tax benefit for low-income workers that encourages workforce participation and provides financial support.
From August 2024, the maximum annual benefit for single individuals will increase from $1,428 to $1,518, offering additional support for essential expenses and promoting financial independence.
Canada Carbon Rebate (CCR)
The Canada Carbon Rebate, also known as the Climate Action Incentive Payment, helps offset costs associated with federal pollution pricing.
A new rural supplement will be introduced in August 2024, providing an additional 20% to qualifying rural residents. This adjustment addresses the higher living costs in rural areas.
Checking Eligibility
To benefit from these enhancements, you must meet specific eligibility criteria established by the CRA.
- Canada Child Benefit: All Canadian families with children under 18 qualify for the CCB, with eligibility determined by the AFNI. The amount is calculated using data from previous tax returns.
- GST/HST Credit: Eligibility for the GST/HST credit is automatically assessed based on income tax returns, targeting individuals and families with low to moderate incomes.
- Advanced Canada Workers Benefit: The ACWB is available to low-income workers aged 19 or above, with eligibility based on income and residency status.
- Canada Carbon Rebate: Residents aged 19 or older living in designated provinces are eligible for the CCR, helping to mitigate the financial impact of carbon pricing.
Make sure to file your taxes on time to ensure eligibility for these benefits, as the CRA calculates entitlements automatically.
Payment Schedule
Knowing when to expect your benefit payments can help you manage your finances more effectively. Here are the payment dates for the four CRA benefits starting in August 2024:
| CRA Benefit | Payment Date |
|---|---|
| Canada Child Benefit | 19 August 2024 |
| GST/HST Credit | 5 August 2024 |
| Advanced Canada Workers Benefit | 12 August 2024 |
| Canada Carbon Rebate | 15 August 2024 |
In addition to these benefits, the CRA offers other programs like the Disability Tax Credit and the Home Buyers’ Plan, which provide additional financial support in specific situations.
These updates reflect the CRA’s commitment to adjusting benefits in line with the rising cost of living, ensuring that Canadians continue to receive the support they need.
Stay informed about these changes and make sure you’re fully utilizing the benefits available to you.
With these updates, the CRA is helping to ease the financial burden for many Canadians, making everyday life a bit easier.
FAQs
When will the new CRA benefits start?
In August 2024.
How much is the Canada Child Benefit increasing?
To $7,786.92 for children under six.
Who is eligible for the GST/HST Credit?
Individuals and families with low to moderate incomes.
What is the new addition to the Canada Carbon Rebate?
A 20% rural supplement.
Do I need to apply for these benefits?
Eligibility is automatically assessed through tax returns.
