4 Federal Benefits, Credits & Payments That Are Giving Out Money To Canadians In January
You can start the new year with quite a bit of cash because federal benefits, credits and payments are giving out money to Canadians in January.
That includes the climate action incentive payment, Canada child benefit and others.
With these benefits, payments and credits, you could receive hundreds of dollars from the federal government this month!
So, if you're wondering what benefits are paying out and how much money you could get, here's what you need to know about these benefits and payment dates for January 2024.
GST/HST credit
The goods and services tax/harmonized sales tax credit — also known as the GST/HST credit — is a tax-free quarterly payment that helps individuals and families with low and modest incomes offset GST or HST.
You're automatically considered for the GST/HST credit when you file your taxes each year.
Generally, you're eligible for the GST/HST credit if you are:
- at least 19 years old, and
- a Canadian resident for income tax purposes the month before and at the beginning of the month the CRA makes a payment.
If you're under 19 years old, you must also meet at least one of the following conditions:
- you have or had a spouse or common-law partner, and/or
- you are or were a parent and live or lived with your child
With this credit, you could get a quarterly payment that's up to:
- $124 if you're single
- $162.50 if you're married or have a common-law partner
- $42.75 for each child under 19 years old
This month's GST/HST credit payment date is Friday, January 5, 2024.
Advanced Canada workers benefit
The Canada workers benefit (CWB) is a refundable tax credit to support individuals and families who are working and earning a low income.
It provides advance payments equal to 50% of the CWB across three payments under the Advanced Canada workers benefit (ACWB).
You're eligible for the basic amount of the CWB if you:
- earn working income and your net income is below the net income level for your province or territory of residence, and
- are a resident of Canada throughout the year
- are 19 years of age or older on December 31, or you live with your spouse or common-law partner or your child
The maximum basic amount for the CWB is $1,428 for single individuals and $2,461 for families.
However, the maximum basic CWB amount will vary for residents of Quebec, Nunavut and Alberta.
You don't need to apply to receive the advanced payments. If you're entitled to a CWB amount on your income tax and benefit return, the Canada Revenue Agency will automatically send you payments.
The payment date for the ACWB is Friday, January 12, 2024.
Climate action incentive payment
The climate action incentive payment is a tax-free amount that's meant to help individuals and families offset the cost of federal pollution pricing.
It's available to residents of Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, P.E.I., and Newfoundland and Labrador.
You're eligible for the climate action incentive payment if both of the following conditions are met at the beginning of the payment month:
- you are a resident of Canada in the month before the payment
- you are a resident of a climate action incentive payment province on the first day of the payment month
To be eligible for the climate action incentive payment you must also be either 19 years old in the month before the Canada Revenue Agency makes a payment or be under 19 and meet one of the following conditions:
- you have or had a spouse or common-law partner
- you are or were a parent, and live(d) with your child
If you are eligible for the Canada Child Benefit, you'll get more money from the climate action incentive payment.
How much money you get from the climate action incentive payment depends on where you live and your family situation.
The quarterly base amount for Alberta's climate action incentive payment is:
- $193 for an individual
- $96.50 for a spouse or common-law partner
- $48.25 per child under 19
- $96.50 for the first child in a single-parent family
The quarterly base amount for payments in Manitoba is:
- $132 for an individual
- $66 for a spouse or common-law partner
- $33 per child under 19
- $66 for the first child in a single-parent family
The quarterly base amount for New Brunswick is:
- $92 for an individual
- $46 for a spouse or common-law partner
- $23 per child under 19
- $46 for the first child in a single-parent family
The quarterly base amount for Newfoundland and Labrador is:
- $164 for an individual
- $82 for a spouse or common-law partner
- $41 per child under 19
- $82 for the first child in a single-parent family
The base amount for the quarterly payment in Nova Scotia is:
- $124 for an individual
- $62 for a spouse or common-law partner
- $31 per child under 19
- $62 for the first child in a single-parent family
The quarterly base amount for Ontario's climate action incentive payment is:
- $122 for an individual
- $61 for a spouse or common-law partner
- $30.50 per child under 19
- $61 for the first child in a single-parent family
The base amount for the quarterly payment to residents of P.E.I. is:
- $120 for an individual
- $60 for a spouse or common-law partner
- $30 per child under 19
- $60 for the first child in a single-parent family
The base amount for Saskatchewan is:
- $170 for an individual
- $85 for a spouse or common-law partner
- $42.50 per child under 19
- $85 for the first child in a single-parent family
If you get your tax refund by direct deposit, you will also get your climate action incentive payment by direct deposit. It will be in your bank accounts as "Climate Action Incentive."
If you get your tax refund by cheque, you'll receive the payment as a cheque delivered through the mail.
The climate action incentive payment date is Monday, January 15, 2024.
Canada Child Benefit
The Canada Child Benefit (CCB) is a tax-free monthly payment for families to help with the cost of raising children under 18 years old.
To be eligible for the CCB, you must meet all of the following conditions:
- you live with a child who is under 18 years of age
- you are primarily responsible for the care and upbringing of the child
- you are a resident of Canada for tax purposes
Also, you or your spouse or common-law partner must be any of the following:
- a Canadian citizen
- a permanent resident
- a protected persona temporary resident who has lived in Canada for the previous 18 months, and who has a valid permit
- an individual who is registered, or entitled to be registered under the Indian Act
The maximum CCB amount is $7,437 per year — which is $619.75 per month — for each child under six years old and $6,275 per year — which is $522.91 per month — for each child from 6 to 17 years old.
The CCB payment date is Friday, January 19, 2024.
You won't receive a monthly payment if your total benefit amount for the year is less than $240. It'll given as a lump sum on the July payment date instead.
This article's cover image was used for illustrative purposes only.
