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Tuesday, February 27, 2024

Canadians can get extra money from the government in 2024

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Canadian citizens may receive financial assistance in 2024 through federal government benefits, tax credits, and discounts.

GST Tax Credit:

  • The Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit is a quarterly tax-free payment.
  • Payments are expected on January 5, April 5, July 5, and October 4, 2024.
  • Aimed at offsetting taxes for individuals and families with low to modest incomes.
  • Potential amounts: $496 for singles, $650 for married/common-law couples, $171 per child under 19.
  • Automatically assessed when filing taxes; no registration required.

Canada Child Benefit (CCB):

  • Monthly tax-free payments to support child-rearing.
  • Planned monthly payments throughout the year.
  • Managed by the Canada Revenue Agency (CRA).

Canada Workers Benefit (CWB):

  • Tax credit refunds for individuals and families with low incomes.
  • Expected payments on January 12, July 12, and October 11, 2024.
  • Eligibility criteria include age, residence, work, and income below the prescribed net income for the province.

Single eligible Canadians may receive up to $1,428, while eligible families can receive up to $2,461. You may also receive up to $737 for a supplemental amount for disabilities based on your annual income.

Climate Action Incentive Payment (CAIP):

  • Tax-free incentives to help individuals and families offset federal pollution pricing costs.
  • Expected payments on January 15, April 15, July 15, and October 15, 2024.
  • For residents of specific provinces (Alberta, Saskatchewan, Manitoba, Ontario, Newfoundland and Labrador, Nova Scotia, Prince Edward Island).
  • Includes a basic amount and a supplement for residents in small communities and rural areas.
  • Quarterly payments.

Provincial benefits such as Ontario Trillium Benefit and Alberta Family and Child Benefit are also available.

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