CRA Releases Latest Advanced Canada Workers Benefit (ACWB) Payment on Oct 11
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The Canada Revenue Agency (CRA) released the latest Advanced Canada Workers Benefit (ACWB) payment on October 11, 2024, providing essential financial support to low income workers and their families across the Canadian nation.
This ACWB payment is a part of the border Canada Worker Benefit program designed to help Canadians manage the rising cost of living by boosting their income.
The ACWB is an advanced payment system tied to the CWB that is a refundable tax credit for low-income workers. Applicants could receive up to 50% of their CWB in advance which is distributed through three-quarterly payments, allowing the receivers the to access financial relief throughout the year instead of waiting until tax season.
The remaining benefit is paid after filing their tax returns. The ACWB payment dates for 2024 are scheduled as follows
- July 12, 2024 (Already Issued)
- October 11, 2024 (Already Issued)
- January 10, 2025
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How to Receive ACWB Payments 2024?
The benefit that applicants could receive from the Canada workers benefit CWB is divided into two parts namely:
Basic CWB Benefit
- For single individual: They can receive up to $1,518 annually if their adjusted net income is $24,975 or less and this benefit amount decreases as their income rises phasing out entirely at the threshold of $35,095
- For families: Eligible families can receive up to $2,616 annually if their adjusted net income is $28,494 or less. This amount gradually reduces and phases out at the threshold of $45,934.
These figures however can vary for residents in Quebec, Nunavut, and Alberta as each of these provinces have their own eligibility thresholds
Disability Supplement (for applicants qualifying for disability tax credit DTC)
- For Single Individuals: They can receive up to $784 annually if their adjusted net income is $35,098 or less and this benefit phases out at a threshold of $40,325
- For Families: The families with an adjusted net income of $40,325 or less can receive up to $784 benefit and if both spouses qualify for the DTC the supplement is unavailable if family income exceeds $56,386.
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The Canada Workers Benefit (CWB) and the Advanced Canada Workers Benefit (ACWB) offer essential financial relief for low-income workers across Canada, helping to manage rising living costs. By understanding the eligibility requirements and staying informed about payment dates, individuals and families can ensure they receive the support they need.
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