4 New Increased CRA Payments Coming In July 2024

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Last Updated On 23 June 2024, 11:06 AM EDT (Toronto Time)

CRA Payments 2024: The Canada Revenue Agency (CRA) is set to roll out increased payments for 4 benefits starting in July 2024, offering Canadians a welcome financial boost to cope with rising living costs.

This news comes as a relief to many, particularly during a time when managing expenses has become increasingly challenging.

These CRA benefits payments are available to eligible Canadian taxpayers, including temporary residents (work permit holders and international students).

All the major CRA payments are made at the beginning of the quarter (every 3 months), which makes July (beginning of the 3rd quarter) the month when Canadian residents keep an eye on new payments.

The beginning of July is also an important month since CRA automatically recalculates all the benefit payments in July on an annual basis based on the previous tax year.

The increases coming in July 2024 will enhance these benefits, ensuring that they continue to meet the needs of those who rely on them.

By staying informed and aware of these payment dates, Canadians can make the most of the financial support available to them.

So if you are someone looking for information on the upcoming CRA payments in July and dates for the rest of the year, then you are at the right place.

Below is the list of 4 CRA benefits payments with a new, increased amount and their upcoming payment dates.

The Canada Child Benefit (CCB) is a tax-free monthly payment designed to help families with the costs of raising children.

This benefit is recalculated every July based on the adjusted family net income (AFNI) from the previous year, ensuring that the amount reflects current financial circumstances.

Eligibility:

• Available to all Canadian taxpayers, including work permit holders and international students, based on the adjusted family net income.
• Temporary residents must have lived in Canada for 18 consecutive months and have a valid permit in their 19th month.
• The amount received depends on the income reported in 2023 and the age of the child(ren).

The CCB payments provide crucial support to families, and with the new increases starting in July 2024,.

For each child under the age of 6, eligible families beginning in July may get a maximum of $7786.92 ($648.91 per month) as compared to the previous maximum payment of $7,437 per year ($619.75 per month).

For each child 6 to 17 years of age, eligible families beginning in July may get a maximum of $6,570 ($547.5 per month) as compared to the previous maximum payment of $6,275 per year ($522.91 per month).

Please note that these are the maximum amounts of CCB that families can get per child if their AFNI is less than or equal to $36,502.

This amount gradually decreases as the AFNI increases.

Newcomers to Canada who landed after tax filing deadlines need to apply for CCB online using My Account or by mail to your tax centre by filling out and signing Form RC66, Canada Child Benefits Application.

CCB is paid on the 20th of every month or on Friday if the 20th falls on a weekend.

The next CCB payment dates in 2024 are July 19, August 20, September 20, October 18, November 20, and December 13.

The Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit is a tax-free quarterly payment aimed at offsetting the tax burden for individuals and families with low to moderate incomes.

This benefit ensures that the impact of GST/HST is lessened, making everyday expenses more manageable.

Starting in July 2024, the GST/HST credit will see an increase, providing even more relief to eligible Canadians.

Eligibility and Payment Amounts:

• Automatic eligibility upon filing taxes; no separate application is needed.
• Payments are based on the 2023 tax return.
• Single individuals can receive up to $519 a year as compared to their previous payment of $496 a year.
• Married couples or common-law partners can receive up to $680 as compared to their previous payment of $650.
• Each child under 19 can add an additional $179 as compared to previous payments of $171.

These are the maximum yearly payments that are split in equal amounts on a quarterly basis.

This increase is particularly significant for low-income households, as it helps balance their budgets and reduce financial stress.

GST payment is paid on the 5th of July, October, January, and April, or on Friday if the 5th falls on a weekend.

The next GST payment dates are July 5, 2024, October 4, 2024, January 3, 2025, and April 4, 2025.

3. Advanced Canada Workers Benefit (ACWB)

The Advanced Canada Workers Benefit (ACWB) is a refundable tax benefit aimed at supporting low-income individuals and families.

This benefit encourages work and provides additional financial assistance to those who need it most.

Eligibility:

• Must be 19 or older on December 31, or live with a spouse, common-law partner, or child.
• Must be a Canadian resident throughout the year.
• Income must be below the threshold set for the specific province or territory.

With the upcoming increases in July 2024, the ACWB will offer more robust support, making a significant difference in the lives of low-income workers and their families.

This benefit helps cover essential expenses, provides a financial cushion and promotes financial stability.

Payment Amounts:

• Single individuals can receive up to $1,518 split into 3 quarterly payments as compared to the previously set amount of up to $1,428 if their adjusted net income was $24,975 or less in 2023.
  • This amount reduces as income increases and no amount is paid if net income is $35,095 or higher in 2023.
• Families can receive up to $2,616 split into 3 quarterly payments as compared to the previously set maximum amount of up to $2,461 if their net income was $28,494 or less.
  • This amount reduces as income increases and no amount is paid if net income is $45,934 or higher in 2023.

ACWB payments are sent on the 12th of July, October, and January, or on Friday if the 12th falls on a weekend.

The next ACWB payment dates are July 12, 2024, October 11, 2024, and January 10, 2025.

4. Canada Carbon Rebate (CCR), formerly known as Climate Action Incentive Payment (CAIP)

The Canada Carbon Rebate (CCR), previously known as the Climate Action Incentive Payment (CAIP), is designed to help offset the costs associated with federal pollution pricing, irrespective of the annual income.

This benefit ensures that environmental policies do not disproportionately affect Canadians while supporting environmental sustainability.

This controversial tax-free payment is made quarterly and is available to all the residents of the specific provinces listed below.

• Residents of Alberta, Saskatchewan, Manitoba, Ontario, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island.
• Payments include a base amount with an additional supplement for residents of small and rural regions.

Starting in July 2024, the CCR will see an increase, providing greater financial relief to individuals and families dealing with the costs of pollution pricing.

CCR payments are sent to residents of eligible provinces on the 15th of July, October, January, and April.

If the 15th falls on a weekend or a federal statutory holiday, then the payment is made on the Fridays before the 15th.

The next CCR or CAIP payment dates are July 15, 2024, October 15, 2024, January 15, 2025, and April 14, 2025.

Important information to avoid confusion regarding CCR:

• In 2024, the climate action incentive payment was renamed as the Canada Carbon Rebate (CCR).
• It was called the Climate Action Incentive Payment (CAIP) from 2021 to 2023.
• Previously, it was referred to as the Climate Action Incentive (CAI), a refundable tax credit claimed annually on personal income tax returns from 2018 to 2020.

For more information on these benefits and to stay updated on payment dates, visit the CRA website or consult with a financial advisor.

Staying informed is the first step towards maximizing the financial support available and ensuring a more stable and secure financial future.

Kamal Deep Singh, RCIC (Regulated Canadian Immigration Consultant) licensed by CICC (formerly known as ICCRC) with member number R708618. He brings extensive knowledge of immigration law and new changes to rapidly evolving IRCC.

by Satinder Bains 22 June 2024, 10:41 AM EDT22 June 2024, 11:10 AM EDT

by Satinder Bains 20 June 2024, 10:34 AM EDT20 June 2024, 11:35 AM EDT

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4 New Increased CRA Payments Coming In July 2024