The Canadian residents are prepared to receive a new round of reimbursements from the Canada Revenue Agency (CRA) in October 2024, striving to increase financial assistance despite increasing living expenses.
Immigration News Canada notifies that the Canada Revenue Agency will allocate five significant benefits this September. These benefits are essential for qualified Canadian residents, temporary employees, and new immigrants.
These reimbursements are essential for people and households seeking financial support during these difficult economic periods.
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Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) provides tax-free monthly reimbursements to households with kids below the age of 18 to assist in protecting the expenses of raising kids.
Based on reports, the sum of benefits is specified depending on the family’s changed net earnings and is re-estimated every year in July.
Qualification
Immigration News Canada declares that all Canadian residents, including temporary residents who have settled in Canada for a minimum of one year and six months consecutively with an authentic permit in the 19th month, are qualified for the Canada Child Benefit.
New immigrants who landed after the tax filing final dates must make an application online through My Account or the mail using Form RC66, Canada Child Benefits request.
Payment Sums
Households with children under six can receive up to $7,786.92 yearly or $648.91 monthly. For children between the ages of 6 and 17, the benefit can be up to $6,570 yearly or $547.50 monthly. Reimbursements reduce as the AFNI surpasses $36,502.
Next Reimbursement Dates
The upcoming CCB reimbursements are booked for October 18th, November 20th, and December 13th, 2024.
GST/HST Credit
The GST/HST credit is a financial gain offered every three months to assist families with reduced to moderate earnings to protect the expense of the Goods and Service Tax (GST) and Harmonized Sales Tax (HST) they reimburse on goods and services.
This credit is tax-free, implying it does not need to be accounted for as earning on your tax income, and it is formed to decrease the financial stress of these taxes on qualified families.
Qualification
Canadian residents, including temporary residents, typically get this credit after filing taxes; the same request is relevant.
Reimbursement Sums
People can get up to $519 yearly, spouses can get up to $680, and an extra $179 for each child under 19.
Next Reimbursement Dates
The next GST/HST credit reimbursements are on October 4th, 2024, January 3rd, 2025, and April 4th, 2025.
Advanced Canada Workers Benefit (ACWB)
The Advanced Canada Workers Benefit (ACWB) provides financial assistance in repayable tax credits to people and households with reduced earnings.
This implies that you can get this benefit if you are eligible, even if you do not owe taxes. The Advanced Canada Workers Benefit is planned to motivate jobs and offer additional financial assistance to people with modest incomes, making it very simple for them to handle their costs.
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Qualification
To be eligible, people must be residents of Canada aged 19 or above or settle with a partner or kid. Earning thresholds differ by region.
Reimbursement sum
Up to $1,518 can be repaid annually to single people, whereas up to $2,616 can be repaid to households. Reimbursements are made in three half installments.
Next Reimbursement Dates
The next Advanced Canada Workers Benefit reimbursement will be on October 11th, 2024 and January 10th, 2025.
Canada Carbon Rebate (CCR), previously described as CAIP
The Canada Carbon Rebate (CCR) is a monetary benefit that strives to decrease the effect of national pollution costs on people and households. It assists in protecting the expenses related to carbon costs, which are payments applied to enterprises and clients for their carbon emissions.
By offering this rebate, the authority makes it very simple for individuals to provide environmentally friendly exercises and guidelines that might otherwise be more costly because of the associated carbon cost.
Qualification
This rebate is available to residents in regions subject to national pollution, including Alberta, Manitoba, Saskatchewan, and Ontario.
Reimbursement Sums
The sum differs by region and territory, with extra finances for residents of rural or small societies.
Next Reimbursement Dates
CCR reimbursements are booked for October 15th, 2024, January 15th, 2025, and April 14th, 2025.
Ontario Trillium Benefit (OTB)
The Ontario Trillium Benefit (OTB) offers financial support to residents of Ontario with reduced to moderate revenues. It mixes three different credits into one reimbursement:
- Ontario Energy and Property Tax Credit: This assists with the expense of energy and property taxes.
- Northern Ontario Energy Credit provides extra assistance for energy expenses in Northern Ontario.
- Ontario Sales Tax Credit: This helps with the sales tax expense on goods and services.
By reducing these credits, the Ontario Trillium Benefit eases the procedure and offers a single reimbursement to decrease the total living expense.
Qualification
Ontario residents who have filed a 2023 tax income are qualified, including temporary residents who satisfy the residency conditions.
Reimbursement Sums
The Ontario Trillium Benefit can offer about $1,013 every year, with reimbursements made monthly or in a large amount, depending on the filing option.
Next Reimbursement Date
The next Ontario Trillium Benefit reimbursement date is October 10th, 2024.
Qualification For Temporary Residents And New Immigrants
Reports guarantee that temporary residents, including international students and holders of work permits, are qualified for these Canada Revenue Agency benefits if they satisfy the residency and earning conditions.
New immigrants to Canada are recommended to apply for these benefits upon landing to get financial assistance. The CRA webpage details qualifications, reimbursement schedules, and the application process.
