1.8 Million Renters In Canada Will Get $500 From The Feds This Month – Here's How To Apply
Applications open today! 💰👇
Houses in Canada.
Get ready, renters! A one-time top up to the Canada Housing Benefit has been approved, which means that as many as 1.8 million Canadians are about to receive a $500 tax-free payment from the government.
Last month, Bill C-31 received Royal Assent, which means support measures like the Canada Dental Benefit and the Canada Housing Benefit boost have officially been given the go-ahead.
This means almost 2 million renters in Canada will soon receive a one-off payment of $500 from the federal government, designed to help with the rising cost of housing.
Available to renters who meet the eligibility criteria, the payments will begin to be processed as of December 12, 2022.
Here's a look at exactly who is eligible for the Canada Housing Benefit, how the process works, and how you can apply for the money:
\u201cDid you know the Government of Canada has introduced a one-time payment to help low-income renters? Here\u2019s what you need to know to be ready to apply: https://t.co/4F3iAnjHfP #NationalHousingDay\u201d— Canada Revenue Agency (@Canada Revenue Agency) 1669148111
What is the Canada Housing Benefit top-up?
The one-time top up to the Canada Housing Benefit was announced back in August, as part of the federal government's Affordability Plan.
The aim of the one-off payment is to provide direct support to eligible low-income renters — those most exposed to inflation — who are experiencing housing affordability challenges.
The $500 payment is exempt from tax and will be administered by the Canada Revenue Agency (CRA).
It's expected that around 1.8 million renters who are struggling with the cost of housing will be eligible, including students.
The proposed cost of the support is around $1.2 billion.
Who is eligible for the Canada Housing Benefit top-up?
To be eligible for the one-off payment, you must be at least 15 years old and on December 1, 2022, your primary rental residence must be in Canada.
You must also have been a resident of Canada in 2022 for tax purposes and must have filed a 2021 income tax return or statement of income.
If you have a spouse or common-law partner, they must also have filed a tax return or statement of income in 2021.
To qualify, your adjusted net income in 2021 must be $35,000 or less for families, or $20,000 or less for individuals.
And finally, this year, you must have paid at least 30% of the value of your adjusted 2021 net income on rent.
You do not need to receive other housing benefits – such as the Canada Housing Benefit – to qualify for the one-time payment.
If you're unsure, there's an online calculator that could help you work out if you're eligible.
Find out more
How to apply
The one-time Canada Housing Benefit top up is not automatically given out, which means you must apply for it if you think you're eligible.
Applications open online on December 12, 2022, and you can fill in all of the forms online.
Before then, ensure you have filed your 2021 income taxes, have gathered all information about your rent (addresses of residences, total amount paid, contact details of your landlord), and have your direct deposit information on hand.
Finally, make sure you've set up a CRA My Account and have it up to date with all of your information – including your bank details for the direct deposit.
Good luck, renters!
This article's cover image was used for illustrative purposes only.
- These Federal Benefits Will Help You Pay For Big Purchases, From A Car To A House ›
- Canada Is Set To Get New Benefits In 2022 & Here's How To Make Sure You Get Paid On Time ›
- The Feds Have Announced A New 'Top Up' Of $500 For The Canada Housing Benefit To Help Renters ›
- Canadian Renters Can Still Get $500 From The Canada Housing Benefit But Time Is Running Out - Narcity ›