Increased CRA Payments Coming in July 2024: A Financial Boost for Canadians
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Starting July 2024, the Canada Revenue Agency (CRA) will increase payments for key benefits including the Canada Child Benefit, GST/HST credit, Advanced Canada Workers Benefit, and Canada Carbon Rebate. These enhanced payments aim to provide significant financial relief to eligible Canadians amid rising living costs.
The Canada Revenue Agency (CRA) is set to increase payments for four key benefits(Canada Child Benefit, HST/GST Payment, Advanced Canada Workers Benefit, Canada Carbon Rebate) starting in July 2024, providing a much-needed financial boost to Canadians amid rising living costs.
These enhanced benefits are available to eligible taxpayers, including temporary residents such as work permit holders and international students.
Canada Child Benefit (CCB)
The Canada Child Benefit (CCB), a tax-free monthly payment aimed at helping families with the cost of raising children, will see significant increases. Starting in July, the new rates are listed in the table below:
| Category | New Annual Payment | Old Annual Payment |
|---|---|---|
| Families with children under 6 | CAD 7,786.92 (鈧�475177.79) | CAD 7,437 (鈧�453824.78) |
| Children aged 6 to 17 | CAD 6,570 (鈧�400918.22) | CAD 6,275 (鈧�382916.56) |
These amounts are based on adjusted family net income (AFNI) and are recalculated annually in July. Want To know the latest updates? Read this!
Canada HST/GST Payment Revised
The Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit, a tax-free quarterly payment to offset the tax burden for low to moderate-income individuals and families, will also increase.
The table below elaborates the changes in payments:
| Category | New Annual Payment | Old Annual Payment |
|---|---|---|
| Single individuals | CAD 519 (鈧�31670.71) | CAD 496 (鈧�30267.19) |
| Married couples or Common-law partners | CAD 680 (鈧�41495.34) | CAD 650 (鈧�39664.66) |
| Child under 19 | CAD 179 (鈧�10923.04) (Addition to Annual Payment) | CAD 171 (鈧�10434.86) |
The next GST payment dates are July 5 2024, October 4 2024, January 3 2025, and April 4 2025. Want To File a Canadian Tax Return? Read the blog to know more!
Advanced Canada Workers Benefit (ACWB)
The Advanced Canada Workers Benefit (ACWB), a refundable tax benefit for low-income individuals and families, will provide greater support starting in July. The table below elaborates the new payment prices:
| Category | New Annual Payment | Old Annual Payment |
|---|---|---|
| Single individuals | CAD 1,518 (3 Quarters) (鈧�92632.25) | CAD 1,428 (鈧�87140.22) |
| Families | CAD 2,616 (鈧�159635.02) | CAD 2,461 (鈧�150176.52) |
The next ACWB payment dates are July 12 2024, October 11 2024, and January 10 2025.
Canada Carbon Rebate (CCR)
The Canada Carbon Rebate (CCR), formerly known as the Climate Action Incentive Payment (CAIP), will increase in July. This quarterly payment helps offset costs associated with federal pollution pricing and is available to residents of specific provinces, including Alberta, Saskatchewan, Manitoba, Ontario, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island.
The next CCR payment dates are July 15 2024, October 15 2024, January 15 2025, and April 14 2025.
Got Your Canada PR? Know All About Canada PR Benefits!
Mark Your Calendars: Revised CRA Payments Dates
These enhanced CRA payments are crucial for many Canadians, offering significant financial assistance to help manage daily expenses. Here are the upcoming payment dates for the rest of the year:
- GST/HST Credit: July 5 2024, October 4 2024, January 3 2025, and April 4 2025
- Canada Child Benefit: July 19 2024, August 20 2024, September 20 2024, October 18 2024, November 20 2024, and December 13 2024
- Advanced Canada Workers Benefit: July 12 2024, October 11 2024, and January 10 2025
- Canada Carbon Rebate: July 15 2024, October 15 2024, January 15 2025, and April 14 2025
Staying informed and aware of these payment dates ensures that Canadians can make the most of the financial support available to them. For more information on these benefits and to stay updated, visit the CRA website or consult with a financial advisor.
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