Exciting news for beneficiaries of the Canada Revenue Agency (CRA)! Beginning in July 2024, the Canadian Government will enhance four major benefits to help Canadians cope with the rising cost of living. This article explores the 4 Increased CRA Benefits in July-August 2024. Here’s Eligibility Criteria & Beneficiary List recent updates to benefits and eligibility criteria, shedding light on how these changes impact recipients.
4 Increased CRA Benefits
The CRA is vital in managing tax laws for Canada and its provinces and territories. By annually adjusting benefit payments, the CRA ensures financial assistance keeps pace with the rising cost of living. Implementing these changes is crucial for alleviating the financial burden on individuals and households nationwide.
Increased Payments Breakdown
| Benefit | Previous Amount | New Amount |
|---|---|---|
| Canada Child Benefit | $7,437 | $7,786.92 |
| GST/HST Credit (single) | $496 | $519 |
| GST/HST Credit (couples) | $650 | $680 |
| Advanced Canada Workers Benefit | $1,428 | $1,518 |
| Canada Carbon Rebate (rural) | N/A | +20% |
Updated Benefits
Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) is a non-taxable monthly payment aimed at assisting families with the expenses of raising children. Eligibility is based on the Adjusted Family Net Income (AFNI), derived from tax returns. Starting in July 2024, the maximum annual benefit for children under six will rise to $7,786.92 from $7,437. This increase will offer greater financial support to families, helping them cover essential costs such as childcare and education.
GST/HST Credit
Starting in July 2024, the GST/HST credit, a tax-free quarterly payment designed to offset the GST/HST costs for low- to moderate-income individuals and families, will see an increase.The maximum annual credit for single individuals will increase to $519 from $496. Couples will benefit from an increase to $680, up from $650. This adjustment aims to alleviate the tax burden on everyday expenses.
Eligibility Criteria
- All Canadian families with children under 18 qualify for the Canada Child Benefit, which is determined based on Adjusted Family Net Income (AFNI) using previous tax return data.
- Eligibility for the GST/HST Credit is automatically assessed based on income tax returns, providing financial support to low- to moderate-income individuals and families.
- The Advanced Canada Workers Benefit is available to low-income workers aged 19 or above. Eligibility is determined by income and residency status.
- The Canada Carbon Rebate is allocated to residents aged 19 or above living in designated provinces, helping to mitigate the financial impact of carbon pricing.
Payment Dates
| CRA Benefit | Payment Date |
|---|---|
| Canada Child Benefit | 19 July 2024 |
| GST/HST Credit | 5 July 2024 |
| Advanced Canada Workers Benefit | 12 July 2024 |
| Canada Carbon Rebate | 15 July 2024 |
These updates aim to deliver timely financial assistance to Canadians as they navigate the challenges of inflation and increasing living costs. As a final note, additional CRA benefits, including the Disability Tax Credit and homebuyer assistance programs like the Home Buyers’ Plan, continue to be available to eligible individuals, even though they are not part of the July 2024 updates.
FAQs
1. What are the 4 increased CRA benefits available in July-August 2024?
The four increased CRA benefits available in July-August 2024 include the Canada Child Benefit (CCB), the Goods and Services Tax (GST)/Harmonized Sales Tax (HST) credit, the Canada Workers Benefit (CWB), and the Old Age Security (OAS) pension.
2. Who is eligible for the Canada Child Benefit (CCB) increase?
The child must be under 18 years old. You must be the primary caregiver for the child. You and your spouse or common-law partner must be residents of Canada for tax purposes.