More benefit payments delivered to Ontario residents this week
Published October 10, 2023 at 8:49 am
Some Canadian residents will receive a new benefit payment from the government this week.
The Canada Workers Benefit is a refundable tax credit to help individuals and families who are working and earning a low income, according to the federal government.
It is aimed at helping people deal the rising cost of living.
Those who are eligible should receive a payment — either direct deposit or cheque — on Oct. 12. The first payment was on July 28, and the third should arrive Jan. 12.
To receive the benefit residents must file their income tax returns.
This new benefit started in July 2023 and is calculated based on the 2022 taxation year.
Canada Workers Benefit comes in three payments under the Advanced Canada workers benefit.
To be eligible you must earn working income but your net income is below the net income level set for your province or territory of residence. You must also be a resident of Canada throughout the year, and be 19 years old or older, or live with your spouse or common-law partner or your child.
Students or those in prison are not eligible for the benefit.
The amount of the benefit depends on how much you earn and what province you live in.
The maximum basic amount is $1,428 for single individuals, and $2,461 for families.
The amount for single people is gradually reduced if your adjusted net income is more than $23,495. No basic amount is paid if your adjusted net income is more than $33,015.
The amount for families is gradually reduced if your adjusted family net income is more than $26,805. No basic amount is paid if your adjusted family net income is more than $43,212.
Some Canadians will also receive the Climate Action Incentive Payment (CAIP) this week.
For more information on this benefit, visit the Government of Canada website here.insauga's Editorial Standards and Policies advertising