Don’t Miss Out! These 4 CRA Benefits Getting Bigger Payments in July 2024

Good news, Canada! The Canada Revenue Agency (CRA) is giving you more money starting in July 2024 to help with rising costs. They’re increasing payments for some important benefits you might already be getting. Here’s a breakdown of what’s changing:

1. Canada Child Benefit (CCB): Supporting Your Growing Family

The CCB is a monthly tax-free payment specifically designed to help families manage the expenses of raising children. This benefit is automatically adjusted each July based on your most recent tax return, ensuring it reflects your current financial situation.

Here’s what’s new:

• Increased Maximum Amount: If you have children under 6 years old, the maximum annual benefit has climbed to $7,786.92, offering greater support for the early years of raising kids.

Remember:

• The next CCB payment arrives on July 19th, 2024.
• Even if you’re new to Canada and arrived after the tax filing deadline, you can apply for the CCB online or by mail.

2. GST/HST Credit: Making Everyday Purchases More Affordable

The Goods and Services Tax (GST) or Harmonized Sales Tax (HST) Credit is a quarterly tax-free payment specifically aimed at assisting low-to-moderate income earners. It helps lessen the impact of these taxes on everyday purchases, making life a little more manageable.

Here’s what’s new:

• Enhanced Maximum Amounts: The maximum annual credit has increased for both single individuals and couples. Single individuals can now receive up to $519 per year, while couples can get up to $680. This translates to more savings on everyday essentials.

Remember:

• The next GST/HST credit payment arrives on July 5th, 2024.
• The CRA automatically determines your eligibility based on your tax return.

3. Advanced Canada Workers Benefit (ACWB): Supporting Low-Income Workers

The ACWB is a refundable tax benefit that provides additional financial support to low-income workers and their families. It acts as a helping hand to cover essential living expenses and promote financial stability.

Here’s what’s new:

• Increased Annual Benefit: The annual benefit for single individuals has gone up to $1,518, offering a welcome boost to help manage rising costs.

Remember:

• The next ACWB payment arrives on July 12th, 2024.
• The ACWB is distributed quarterly throughout the year.

4. Canada Carbon Rebate (CCR): Countering the Carbon Tax Impact

The CCR, previously known as the Climate Action Incentive Payment (CAIP), helps offset the costs associated with the federal carbon tax for residents of participating provinces. Regardless of your income level, this benefit helps ensure environmental policies don’t disproportionately affect Canadians.

Here’s what’s new:

• New Rural Supplement: Starting in July, the CCR includes an additional 20% benefit for eligible residents in rural areas. This recognizes the unique challenges of living in rural communities.

Remember:

• The next CCR payment arrives on July 15th, 2024.
• The CCR payments are made quarterly.

Maximizing Your Benefits:

To ensure you receive the full support you’re entitled to, it’s crucial to:

• File Your Tax Return on Time: Even if you have no income to report, filing your taxes guarantees the CRA has your most recent information for accurate benefit calculations.
• Stay Informed: Keep yourself updated on any changes or new benefits offered by the CRA.

Additional Support Programs:

The CRA offers other programs that can provide financial assistance, such as:

• Disability Tax Credit (DTC): This benefit reduces the amount of income tax owed for eligible individuals with disabilities and their supporting family members. You can now conveniently complete the application process online.
• Canada Dental Benefit: This temporary program helps families with young children cover dental care costs. The application deadline for the current period is June 30th, 2024.

Remember, you’re not alone! The Canadian government is committed to supporting its citizens, and these increased benefits are a step towards helping you manage rising costs and improve your financial well-being.