Hey Canada, good news! The Canada Revenue Agency (CRA) will improve four important perks in August 2024 to help many Canadians who are having a hard time with money.
This update is part of the government’s ongoing work to change benefits to keep up with the rising cost of living and make sure that Canadians get the help they need.
These improvements will give you more money to help with everyday costs, and knowing about these benefits can help you better manage your money.
CRA Benefit Boost in August 2024
The CRA will raise payments for four main perks starting in August 2024. These benefits are very important for helping Canadian families and individuals because they help pay for different costs of life.
Canada Child Benefit (CCB)
The Canada Child Benefit is a monthly payment that helps families pay for the costs of having children. It is not taxed. Your tax return is used to figure out your Adjusted Family Net Income (AFNI), which is used to decide if you are eligible.
From August 2024 on, the most a kid under six will be able to get each year will go up from $7,437 to $7,786.92. This raise is meant to help families pay for things like child care and school.
GST/HST Credit
The GST/HST credit is a tax-free payment made every three months to help people and families with low to middling incomes pay less GST/HST. The most a single person can get in credits each year will go up from $496 to $519 starting in August 2024.
It will go up from $650 to $680 for couples, which will lower the tax load on everyday costs.
Advanced Canada Workers Benefit (ACWB)
The ACWB is a tax benefit that low-income workers can get back that motivates them to work and gives them money.
Starting in August 2024, the maximum yearly benefit for single people will go up from $1,428 to $1,518, which will help them pay for important things and become financially independent.
Canada Carbon Rebate (CCR)
The Canada Carbon Rebate, which is also called the Climate Action Incentive Payment, helps to cover the costs of the government pollution tax.
In August 2024, a new rural supplement will be put in place, giving eligible rural people an extra 20%. This change takes into account the higher cost of living in rural places.
Also See:- CTC Deposit Starting Date in August 2024
Checking Eligibility
You must meet certain requirements set by the CRA in order to take advantage of these improvements.
- 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
You can better handle your money if you know when to expect your benefit payments. From August 2024 on, these are the times when the four CRA benefits will be paid:
| 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 |
Besides these perks, the CRA also has other programs, such as the Home Buyers’ Plan and the Disability Tax Credit, that can help people with extra money in certain situations.
These changes show that the CRA is committed to making changes to benefits to keep up with the rising cost of living and make sure that Canadians keep getting the help they need.
Keep up with these changes and make sure you’re taking advantage of all the benefits they offer.
These changes from the CRA will help many Canadians with their finances, which will make daily life a little easier.
FAQs
When does the new CRA help begin?
In August 2024.
How much is the Canada Child Benefit going to go up?
Up to $7,786.92 for kids younger than six.
Who is able to get the GST/HST Credit?
People and families whose incomes are low to average.
What is the new addition to the Canada Carbon Rebate?
20% extra for rural areas.
How do I get these benefits? Do I need to apply?
Tax returns immediately check if someone is eligible.