Some Albertans Will Be Getting Money Back From The Feds This Week & Here's How Much
Remember to check your bank account. 💰
The Alberta Legislature building. Right: Canadian money.
Albertans could find themselves with a slightly healthier bank balance this week as money from the Federal Government is coming thanks to the Climate Action Incentive Program (CAIP).
On October 15, Albertans could receive a payment from the feds of $134.75 as part of the new payment method for the CAIP.
If you have a spouse or common-law partner, you'll receive another $67.50. Parents of any children under 19 will get an additional $33.75 per child and the first child in a single-parent family will get $67.50.
You don't need to apply to receive the CAIP either. According to the government, the amount you're entitled to will be calculated based on your income tax filing and payments will only be sent out if you’re entitled to them.
The next payment will be in January 2023, so enjoy it now!
What are Climate Action Incentive payments?
The CAIP is a tax-free amount that is meant to help people "offset the cost of the federal pollution pricing."
Provinces that are entitled to the payments include Alberta, Ontario, Saskatchewan and Manitoba.
While it used to be a refundable credit that Albertans could claim annually on their tax returns, it changed to quarterly tax-free payments in July 2022.
Payments are made four times a year on April 15, July 15, October 15 and January 15. The first-ever payments were made in July 2022.
How much is the climate action incentive for 2022 in Alberta?
The amount you received in your CAIP payment depends on your circumstances. In Alberta, individuals will get $539 back a year.
If you are claiming with a spouse or common-law partner, you will get an additional $270 a year and if you have children under the age of 19, you will get $135 per child.
The first child in a single-parent family will receive $270.
There's also a rural supplement of 10% of the base amount for Albertans who live in small and rural communities.
Who qualifies for the climate action incentive in Alberta?
To qualify for the CAIP, you need to be a resident of Alberta on the first day of the payment month and the last day of the previous month.
You'll also meet at least one of the following conditions: be 19 years of age or older, have (or have had) a spouse or common-law partner, and be a parent (or have been a parent) and live (or have lived) with your child.