Introduction
Hello Hustlers! Big changes are coming your way with the Canada Revenue Agency (CRA) benefits this July and August 2024. HustleHub is here to guide you through these updates, ensuring you’re well-informed and ready to make the most of these increased benefits.
Key Takeaway Box
- Canada Child Benefit (CCB):Â Increase for families with children under 6 and children aged 6-17.
- HST/GST Payment:Â Enhanced quarterly payments for single individuals, married couples, and children under 19.
- Advanced Canada Workers Benefit (ACWB):Â Higher payments for single individuals and families.
- Canada Carbon Rebate (CCR):Â Boosted payments to offset pollution pricing costs, available quarterly.
1. Canada Child Benefit (CCB)
Overview
The Canada Child Benefit (CCB) is a tax-free monthly payment helping families with the cost of raising children. Starting in July 2024, significant increases will be applied:
| Category | New Annual Payment (CAD) | Old Annual Payment (CAD) |
|---|---|---|
| Families with children under 6 | 7,786.92 | 7,437 |
| Children aged 6 to 17 | 6,570 | 6,275 |
These increases help balance the budgets of many Canadian families, particularly those with lower incomes.
2. HST/GST Payment
Overview
The Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit is a tax-free quarterly payment that helps offset the tax burden for low to moderate-income individuals and families. The updated rates are:
| Category | New Annual Payment (CAD) | Old Annual Payment (CAD) |
|---|---|---|
| Single individuals | 519 | 496 |
| Married couples or common-law partners | 680 | 650 |
| Child under 19 | 179 | 171 |
These payments are scheduled for July 5, 2024, October 4, 2024, January 3, 2025, and April 4, 2025.
3. Advanced Canada Workers Benefit (ACWB)
Overview
The Advanced Canada Workers Benefit (ACWB) is a refundable tax benefit for low-income individuals and families. Starting in July, it will provide greater support:
| Category | New Annual Payment (CAD) | Old Annual Payment (CAD) |
|---|---|---|
| Single individuals | 1,518 | 1,428 |
| Families | 2,616 | 2,461 |
These payments help cover essential expenses and are scheduled for July 12, 2024, October 11, 2024, and January 10, 2025.
4. Canada Carbon Rebate (CCR)
Overview
Formerly known as the Climate Action Incentive Payment (CAIP), the Canada Carbon Rebate (CCR) helps offset costs associated with federal pollution pricing. The increased payments will be available to residents of specific provinces:
| Province | Base Amount (CAD) | Additional Supplement (CAD) |
|---|---|---|
| Alberta | [Amount] | [Supplement] |
| Saskatchewan | [Amount] | [Supplement] |
| Manitoba | [Amount] | [Supplement] |
| Ontario | [Amount] | [Supplement] |
| Newfoundland and Labrador | [Amount] | [Supplement] |
| Nova Scotia | [Amount] | [Supplement] |
| Prince Edward Island | [Amount] | [Supplement] |
Payment dates are set for July 15, 2024, October 15, 2024, January 15, 2025, and April 14, 2025.
Payment Dates
| Benefit | Payment Dates (2024) |
|---|---|
| GST/HST Credit | July 5, October 4, January 3, April 4 |
| Canada Child Benefit | July 19, August 20, September 20 |
| Advanced Canada Workers Benefit | July 12, October 11, January 10 |
| Canada Carbon Rebate | July 15, October 15, January 15 |
FAQs
What are the new Canada Child Benefit (CCB) rates for 2024?
Families with children under 6 will receive CAD 7,786.92 annually, and those with children aged 6 to 17 will receive CAD 6,570.
Who is eligible for the GST/HST credit?
Low to moderate-income individuals and families filing a tax return can receive this quarterly payment.
How do the Advanced Canada Workers Benefit (ACWB) payments help?
They provide additional financial support for essential expenses, especially for low-income workers.
What is the Canada Carbon Rebate (CCR)?
The CCR offsets costs from federal pollution pricing, available to residents of specified provinces.
When will the next CRA payments be made?
Check the specific payment dates for each benefit in the provided schedule.
How can I apply for these benefits?
Ensure your tax returns are filed correctly and on time to automatically qualify for these benefits.
Where can I get more information?
Visit the CRA website or consult with a financial advisor.
Stay informed and plan ahead with these increased CRA benefits coming your way. For more detailed information, visit HustleHub.