CRA Benefit Increase August 2024: Full List of Benefits Expected to See an Increase

In August 2024, the Canada Revenue Agency (CRA) plans to increase various benefits to help Canadians cope with the rising cost of living and inflation.

These increases aim to provide more financial assistance to eligible individuals and families. This article will detail the benefits that might see an increase, eligibility criteria, and payment dates, using simple English for easy understanding.

CRA Benefit Increase August 2024

The CRA administers tax laws and social welfare programs across Canada. To help Canadians manage the increasing cost of living and inflation, the government has adjusted several benefit programs. These changes are expected to take effect in August 2024. This article will explain the benefits that may get an increase and how these changes will help Canadians.

List of CRA Benefits That May Get an Increase

1. Canada Child Benefit (CCB)

The Canada Child Benefit (CCB) is a monthly payment to help families with the cost of raising children. It is non-taxable, meaning families do not pay taxes on this money. The amount each family receives is based on their income. In August 2024, the CCB might see an increase to help families with higher costs.

How It Helps:

• Provides financial support for child-related expenses.
• Helps families afford necessities like food, clothing, and education.

2. GST/HST Credit

The GST/HST credit is a quarterly payment to help Canadians offset the cost of the Goods and Services Tax (GST) and Harmonized Sales Tax (HST). This payment is tax-free and adjusted each year to match changes in income and living costs. An increase in this credit will provide more financial relief to eligible individuals.

How It Helps:

• Reduces the financial burden of GST/HST on low- and middle-income Canadians.
• Provides extra money to help with daily expenses.

3. Advanced Canada Worker Benefit (ACWB)

The Advanced Canada Worker Benefit (ACWB) is a refundable tax credit for low-income workers. It aims to encourage workforce participation and provide financial support to ensure stability. The benefit amount is based on income and is designed to supplement earnings.

How It Helps:

• Encourages low-income individuals to join or stay in the workforce.
• Provides additional income to help with essential expenses.

4. Canada Carbon Rebate (CCR)

The Canada Carbon Rebate, also known as the Climate Action Incentive Payment, helps residents cope with the cost of federal pollution pricing. The rebate amount varies depending on the province or territory and is intended to offset the increased costs of goods and services due to carbon pricing.

How It Helps:

• Compensates for higher costs caused by carbon pricing.
• Provides extra funds to help manage household expenses.

Eligibility for CRA Benefits

To receive these CRA benefits, individuals must meet specific eligibility criteria. Here are the basic requirements for each benefit:

Canada Child Benefit (CCB)

• Families with children under 18 years old.
• Eligibility is based on the Adjusted Family Net Income (AFNI).

GST/HST Credit

• Available to individuals and families with low to moderate income.
• Eligibility is determined based on income tax returns.

Advanced Canada Worker Benefit (ACWB)

• Available to low-income individuals aged 19 and above.
• Based on income and residency status.

Canada Carbon Rebate (CCR)

• Available to individuals aged 19 and above.
• Must reside in a designated province or territory.

CRA Benefit Increments in 2024

Here is a detailed look at the expected increments for CRA benefits in 2024:

Canada Child Benefit (CCB)

• Current maximum: $7,437 per year.
• New maximum: $7,786.92 per year.
• Increase: $349.92 per year.

GST/HST Credit

• Single individuals: Increase from $496 to $519 per year.
• Couples: Increase from $650 to $680 per year.

Advanced Canada Worker Benefit (ACWB)

• Current maximum: $1,428 per year.
• New maximum: $1,518 per year.
• Increase: $90 per year.

Canada Carbon Rebate (CCR)

• Additional 20% for rural residents.
• Provides extra support to those in rural areas facing higher costs.

CRA Payment Dates

The CRA typically issues benefit payments on a monthly basis. For 2024, the exact payment dates are yet to be announced. Beneficiaries should regularly check the official CRA website and other reliable sources for updates to ensure they receive their payments on time.

Conclusion

The CRA’s planned benefit increases in August 2024 aim to help Canadians manage the rising cost of living and inflation. By providing more financial assistance through the Canada Child Benefit, GST/HST Credit, Advanced Canada Worker Benefit, and Canada Carbon Rebate, the government hopes to ease the economic burden on individuals and families. Eligible Canadians should stay informed about these changes and ensure they meet the necessary criteria to receive these benefits.