Life can be tough when things get expensive. But don’t worry, the Canadian government is here to help! Starting from July 2024, they’re increasing some benefits to give more money to families, people with low income, and those living in rural areas.
Contents
- Financial Relief 4 CRA Benefits Increased
- More Money for Kids: Canada Child Benefit (CCB)
- What’s new in July 2024
- Less Tax on Shopping: GST/HST Credit
- What’s new in July 2024
- More Support for Workers: Advanced Canada Workers Benefit (ACWB)
- What’s new in July 2024
- Help with Carbon Costs: Canada Carbon Rebate (CCR)
- What’s new in July 2024
Financial Relief 4 CRA Benefits Increased
The escalating cost of living can pose significant challenges in managing personal finances. However, the Canadian government is set to increase several key benefits starting in July 2024 through the Canada Revenue Agency (CRA). Let’s break it down:
More Money for Kids: Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) is extra money given every month to families to help with the costs of raising kids. The amount you get changes every year based on your family’s income.
What’s new in July 2024
- More Money: Families with children under 6 will receive up to $7,786.92 a year, an increase of $349.92.
- Who Gets It: All Canadian families with kids under 18 can get the CCB. The amount depends on your family’s income.
- When and How: The first payment with the new amount will be given on July 19th, 2024. After that, payments will be made every month around the 20th. If you’re new to Canada, you can apply for the CCB online or by mail.
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Less Tax on Shopping: GST/HST Credit
The GST/HST Credit is money given every three months to help people with low and middle income pay less tax on things they buy every day.
What’s new in July 2024
- More Money: Both single people and couples will receive more money. Single people will receive up to $519 a year, and couples will receive up to $680 a year.
- Who Gets It: The CRA decides who gets the GST/HST credit based on the income you report in your tax return. You’ll probably get this benefit if you don’t earn much money.
- When: The first payment with the new amount will be on July 5th, 2024. After that, payments will be made every three months.
More Support for Workers: Advanced Canada Workers Benefit (ACWB)
The Advanced Canada Workers Benefit (ACWB) is extra money given to people with low income who work. This money helps cover basic living costs and encourages people to keep working.
What’s new in July 2024
- More Money: Single people will receive up to $1,518 a year, an increase from the previous maximum.
- Who Gets It: The ACWB is mainly for low-income workers who are 19 years or older. The amount you receive depends on your income and where you live in Canada.
- When: The first payment with the new amount will be on July 12th, 2024. After that, payments will be made every three months.
Help with Carbon Costs: Canada Carbon Rebate (CCR)
The Canada Carbon Rebate (CCR) is money given to help cover the extra costs from the federal carbon pricing plan. This plan tries to reduce pollution and encourage people to be more eco-friendly.
What’s new in July 2024
- Extra Help for Rural Areas: The CCR will now give 20% to people living in rural areas. This helps cover the higher costs of things in these areas.
- Who Gets It: The CCR is for 19-year-olds living in certain provinces. Check the CRA website to see if your province is included.
- When: The first payment with the new amount will be on July 15th, 2024. After that, payments will be made every three months.
Remember, to get these benefits, you must file your taxes on time, even if you didn’t earn any money. The CRA uses the information in your tax return to determine if you can get these benefits and how much you can get. You can find more information on the CRA website. Other programs can help, like the Disability Tax Credit, the First-Time Home Buyer’s Savings Account, and the Home Buyers’ Plan. So, make sure to check them out!
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