Albertans Could Be Getting Money Back From The Feds This Week & Here's What You Need To Know
There's a payment coming! 💰
Canadian money. Right: The Alberta Legislature Building.
Albertans could find themselves with a slightly fuller bank account today as payments from the Federal Government are expected to land thanks to the Climate Action Incentive Payment (CAIP).
According to the federal government, CAIP is a tax-free amount paid to "offset the cost of the federal pollution pricing." Previously this money was a refundable tax credit claimed annually on personal income tax returns.
However, on Friday, July 15, many eligible people in Alberta will receive their first CAIP and they'll be getting money back each quarter going forward. Payment dates will be April 15, July 15, October 15 and January 15.
This cheque is set to be a little bit bigger as it will retroactively include the amount for April 2022.
Who's eligible in Alberta?
To be eligible for a CAIP payment, you need to be a resident of Alberta on the first day of the payment month and the last day of the previous payment month.
You also have to meet at least one of the following conditions: you are 19 years of age or older, you have or have previously had a spouse or common-law partner, or you are a parent and live with your child (or used to).
How much can you get paid?
The amount of money you can get paid by the CAIP in Alberta depends on your family situation.
An individual person will receive $539 this year, while a spouse or common-law partner will receive $270.
For each child you have that is under the age of 19, another $135 will be added and for the first child in a single-parent family, you will receive $270.
What do you need to do?
The best part is you don't actually need to do anything if you're eligible. The Canadian Revenue Agency will instead see who is eligible based on their income tax and benefit return. The money is then sent back to anyone who qualifies, so check your mail or bank account!