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How to Claim Housing Benefit New CRA Benefits in 2024

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Are you struggling to pay your rent due to low income or unemployment? Do you want to know how to access the new benefits that the Canada Revenue Agency (CRA) is offering in 2024? If so, you are in the right place. In this article, we will explain how you can claim housing benefit and new CRA benefits in 2024, and what are the eligibility criteria and the amount of assistance you can receive.

Claim Housing Benefit in 2024

What is Housing Benefit?

Housing benefit is a rental subsidy that helps low-income households and vulnerable persons with their private rental payments. It is part of the federal government’s National Housing Strategy, which provides $4 billion in financial assistance up until 2028. Each province and territory has its own housing benefit program designed to match the specific needs and housing markets of its region.

As a portable housing benefit, you can rent any private unit anywhere in your province, rather than being tied to a specific social housing building. You can also move freely and still receive the benefit. The benefit is paid directly to you, rather than going to your landlord. You will need to re-apply for the housing benefit each year.

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How to Claim Housing Benefit in 2024?

To claim housing benefit in 2024, you will need to meet the following eligibility criteria:

  • You must be a Canadian citizen, a permanent resident, a refugee, or a protected person.
  • You must be 18 years of age or older.
  • You must have a valid social insurance number (SIN).
  • You must pay more than 30% of your income on rent.
  • You must have a net income below the threshold set by your province or territory.

The amount of housing benefit you can receive depends on your household’s net income, the average market rent in your area, and the maximum benefit amount set by your province or territory. The benefit is calculated as the difference between 30% of your income and a percentage of the average market rent in your area. The percentage varies by province and territory, ranging from 75% to 100%. The maximum benefit amount also varies by province and territory, ranging from $200 to $800 per month.

To apply for housing benefit in 2024, you will need to fill out an application form and provide proof of your income, rent, and residency. You can find the application form and the contact information of your provincial or territorial housing benefit program on the Canada.ca website. You can also call 1-800-O-Canada (1-800-622-6232) for more information.

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What are the New CRA Benefits in 2024?

The new CRA benefits in 2024 are the following:

  • The Canada Pension Plan (CPP) enhancement, which will increase the amount working Canadians receive upon retirement, and introduce a second, higher earnings limit for additional contributions and benefits.
  • The Old Age Security (OAS) increase, which will raise the monthly payments for seniors by 4.7% to keep pace with inflation.
  • The Canada Workers Benefit (CWB) enhancement, which will provide direct financial assistance to low-income workers and increase the maximum benefit amount and the income threshold for eligibility.
  • The Multigenerational Home Renovation Tax Credit, which will offer a credit of up to $7,500 to assist with the cost of renovating a residence to establish a secondary unit.

How to Claim New CRA Benefits in 2024?

To claim new CRA benefits in 2024, you will need to meet the following eligibility criteria:

  • For the CPP enhancement, you must be a working Canadian over the age of 18 who contributes to the CPP. The CPP enhancement will increase the maximum pensionable earnings from $66,600 to $68,500, and create a second earnings ceiling of $73,200 for additional contributions and benefits. The contribution rates will remain at 5.95% for the first ceiling and 4.00% for the second ceiling for employees and employers, and 11.90% and 8.00% for self-employed individuals. The CPP enhancement will increase your retirement, disability, and survivor benefits by up to 50% over time. You can find more information on the CPP enhancement website.
  • For the OAS increase, you must be a Canadian citizen or a legal resident who is 65 years of age or older and meets the residency requirements. The OAS increase will raise the maximum monthly pension amount from $697.07 to $729.67 for those 65-74 years old, and from $1,012.53 to $1,060.10 for those 75 and older. The OAS increase will also provide a one-time payment of $500 to seniors aged 75 and up in August 2023. You can find more information on the OAS website.
  • For the CWB enhancement, you must be a low-income worker who is 19 years of age or older, or a parent, or a spouse or common-law partner. The CWB enhancement will provide up to $2,616 total for an eligible family, and $1,518 total for eligible single workers, split between three advance payments in July 2023, October 2023, and January 2024, and a final payment after filing your 2023 tax return. The CWB enhancement will also increase the maximum benefit amount and the income threshold for eligibility, allowing more workers to qualify and receive higher payments. You can find more information on the CWB website.
  • For the Multigenerational Home Renovation Tax Credit, you must be a homeowner who incurs eligible expenses for renovating a residence to establish a secondary unit that is occupied by an eligible relative. The eligible relative must be a parent, grandparent, child, grandchild, sibling, aunt, uncle, niece, or nephew who is 18 years of age or older and has a net income of $50,000 or less. The credit will be equal to 15% of the eligible expenses, up to a maximum of $7,500 per residence. The credit will be claimable for the 2023 and 2024 taxation years. You can find more information on the Multigenerational Home Renovation Tax Credit website.

To apply for new CRA benefits in 2024, you will need to file your 2023 tax return and report your income, contributions, and expenses. You can file your tax return online using NETFILE or by mail. You can also use the Benefits finder tool to find out what other benefits you may be eligible for.

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Conclusion

We hope this article has helped you understand how to claim housing benefit and new CRA benefits in 2024. These benefits are designed to help you with your rent, retirement, income, and home renovation costs. If you have any questions or need more information, please visit the Canada.ca website or call 1-800-O-Canada (1-800-622-6232).

Thank you for reading this article and being a part of our community of Hustlers. We are here to help you achieve your financial goals and live your best life. Stay tuned for more articles and tips from HustleHub, your trusted source of financial news and advice.

Source: (1) Housing benefits – Canada.ca. https://www.canada.ca/en/services/benefits/housing.html. (2)Low-income workers to receive first enhanced Canada Workers Benefit …. https://www.canada.ca/en/department-finance/news/2023/07/low-income-workers-to-receive-first-enhanced-canada-workers-benefit-payments.html. (3) Making Housing More Affordable: One-time top-up to the Canada Housing …. https://www.canada.ca/en/department-finance/news/2022/09/making-housing-more-affordable-one-time-top-up-to-the-canada-housing-benefit-program.html. (4) 2024 Non-Refundable Personal Tax Credits – TaxTips.ca. https://www.taxtips.ca/nrcredits/tax-credits-2024-tax.htm. (5) Housing benefits – Canada.ca. https://www.canada.ca/en/services/benefits/housing.html. (6) Housing benefits – Canada.ca. https://www.canada.ca/en/services/benefits/housing.html. (7) Canada Revenue Agency announces maximum pensionable earnings and …. https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2023/maximum-pensionable-earnings-contributions-2024.html. 

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