CRA Benefits Set for Increase in August 2024
Starting in August 2024, the CRA is increasing payments for several key benefits to help Canadians manage the rising cost of living. These adjustments are part of the CRA’s annual update to ensure that the financial support keeps pace with inflation and continues to meet the needs of families and individuals across the country.
What’s Changing?
Here’s a look at the main benefits that will see an increase:
Canada Child Benefit (CCB) This monthly, tax-free payment supports families with the costs of raising children. The amount you receive depends on your Adjusted Family Net Income (AFNI) from your latest tax return. Starting in August, the maximum annual benefit for children under six will go up to $7,786.92, up from $7,437, giving families an extra $349.92.
- Next Payment Date: August 20, 2024 (and then monthly)
Goods and Services Tax/Harmonized Sales Tax (GST/HST) Credit This tax-free quarterly payment helps people with low to moderate incomes by offsetting the GST/HST they’ve paid. The credit amounts will rise to $519 for single individuals and $680 for couples, up from $496 and $650, respectively.
- Next Payment Date: October 4, 2024 (quarterly)
Advanced Canada Workers Benefit (ACWB) This benefit is designed to support low-income workers and encourage them to stay in the workforce. The maximum annual benefit will increase to $1,518 from $1,428.
- Next Payment Date: October 11, 2024 (quarterly)
Carbon Rebate (Climate Action Incentive Payment) This rebate helps offset the costs related to federal pollution pricing for homes. It now includes a new supplement offering an additional 20% for rural residents who qualify, aimed at easing the financial impact of carbon pricing.
- Next Payment Date: October 15, 2024 (quarterly)
Eligibility for These Benefits
To qualify for these benefits, you need to meet certain criteria:
- Canada Child Benefit (CCB): For families with children under 18, based on your AFNI from the latest tax return.
- GST/HST Credit: For individuals and families with low to moderate incomes, determined by your income tax returns.
- Advanced Canada Workers Benefit (ACWB): For low-income workers aged 19 or older, based on income and residency.
- Carbon Rebate: Available to residents aged 19 and over in provinces affected by carbon pricing.
Important Dates for Payments
- Canada Child Benefit (CCB): August 20, 2024 (monthly)
- GST/HST Credit: October 4, 2024 (quarterly)
- Advanced Canada Workers Benefit (ACWB): October 11, 2024 (quarterly)
- Canada Carbon Rebate (CCR): October 15, 2024 (quarterly)
In Summary
The CRA's upcoming benefit increases aim to help Canadians handle the higher cost of living and inflation. With the boosts to the Canada Child Benefit, GST/HST Credit, Advanced Canada Workers Benefit, and Carbon Rebate, the government is working to ease financial pressures on families and individuals. Make sure you stay updated and meet the eligibility requirements to benefit from these changes.
FAQs
What are the four CRA benefits being increased?
They are the Canada Child Benefit (CCB), GST/HST Credit, Advanced Canada Workers Benefit (ACWB), and Carbon Rebate (CCR).
Who is eligible for the Canada Child Benefit?
Families with children under 18, based on Adjusted Family Net Income (AFNI).
How much will the GST/HST Credit increase?
Single individuals will receive up to $519, an increase from $496.
