You Can Get Money From These Federal Benefits & Credits That Are Paying Out In October
There are a few federal benefits, payments and credits that are giving out money to Canadians in October.
If you're looking for extra cash, you could get hundreds of dollars from the federal government throughout the month!
Credits like the Canada Child Benefit, the climate action incentive payment and others have benefit payment dates in October.
So, you could actually receive money from the government of Canada almost every week.
Let's get into the federal benefits that are paying out in October and how much you can get throughout the month.
Climate action incentive payment
The climate action incentive payment — which is also known as the CAIP — is a tax-free amount paid to help individuals and families offset the cost of federal pollution pricing.
It's currently available to residents of Alberta, Saskatchewan, Manitoba, Ontario, Newfoundland and Labrador, Nova Scotia, P.E.I. and New Brunswick.
You don't need to apply to receive money from the climate action incentive payment.
The Canada Revenue Agency will determine your eligibility when you file your income tax and benefit return each year and automatically send you payments if you're entitled to get money.
You're eligible for the tax-free credit if you're a resident of Canada for income tax purposes at the beginning of a month that the CRA makes a payment.
Also, you need to be a resident of a province where the federal government offers the climate action incentive on the first day of the payment month.
The Ontario program provides an annual credit of :
- $488 for an individual
- $244 for a spouse or common-law partner
- $122 per child under 19 years old
- $244 for the first child in a single-parent family
Manitoba's climate action incentive program provides an annual credit of:
- $528 for an individual
- $264 for a spouse or common-law partner
- $132 per child under 19
- $264 for the first child in a single-parent family
In Saskatchewan, there is an annual credit of:
- $680 for an individual
- $340 for a spouse or common-law partner
- $170 per child under 19
- $340 for the first child in a single-parent family
Alberta residents get an annual credit of:
- $772 for an individual
- $386 for a spouse or common-law partner
- $193 per child under 19
- $386 for the first child in a single-parent family
The Newfoundland and Labrador program provides a quarterly credit of:
- $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
Nova Scotia's climate action incentive program provides a quarterly credit of:
- $124 for an individual
- $62 for a spouse or common-law partner
- $31 per child under 19 years old
- $62 for the first child in a single-parent family
Residents of P.E.I. get a quarterly credit of:
- $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
New Brunswick's program provides a quarterly credit of:
- $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
This year's October climate action incentive payment for New Brunswick is a double payment covering July to September and October to December.
If you're entitled to receive the payment, you can expect to receive money on April 15, July 15, October 15 and January 15.
But when that date is on a Saturday, Sunday or federal statutory holiday, the payment will be made on the last business day before then.
So, that means you'll get the climate action incentive payment on October 13, 2023.
Canada Child Benefit
You can get a tax-free monthly payment to help with the cost of raising children under 18 years of age through the Canada Child Benefit (CCB).
To be eligible for the CCB and receive payments, you need to meet all of the following conditions:
- you live with a child who is under 18 years old
- you are primarily responsible for the care and upbringing of the child
- you are a resident of Canada for tax purposes
- you or your spouse or common-law partner is a Canadian citizen, permanent resident, protected person, permanent resident or registered under the Indian Act
The maximum Canada Child Benefit amount for each child is $7,437 per year — $619.75 per month — for kids under six years old and $6,275 per year — $522.91 per month — for kids between 6 and 17 years old.
Money from the CCB payments will go out on Friday, October 20, 2023.
Canada Workers Benefit
Canada Workers Benefit (CWB) is a refundable tax credit for individuals and families who are working and earning a low income.
There are two parts to the CWB: a basic amount and a disability supplement.
The maximum basic amount for the CWB is $1,428 for single individuals and $2,461 for families but it can vary for residents of Quebec, Nunavut and Alberta.
Also, the maximum amount for the disability supplement is $737 for single individuals and $737 for families.
If you're entitled to receive the CWB, you will get up to 50% of your CWB in advanced payments under what is referred to as the Advanced Canada Workers Benefit (ACWB).
Anyone who received the CWB in 2022 will receive the advanced payments and you don't have to apply.
You can expect to get money on Thursday, October 12, 2023 — the last Advanced Canada Workers Benefit payment date of this year.
GST/HST credit
In Canada, the goods and services tax/harmonized sales tax — also called the GST/HST credit — is a tax-free quarterly payment from the federal government.
It's meant to help individuals and families with low and modest incomes offset the GST or HST paid on goods and services.
The GST/HST credit could also include payments from provincial and territorial programs.
You don't have to apply to get money because you're automatically considered for the GST/HST credit when you file your taxes.
For the payment period that's between July 2023 and June 2024, you could get up to:
- $496 if you are single
- $650 if you are married or have a common-law partner
- $171 for each child under 19 years of age
If you're eligible for a payment, the next GST/HST credit date is Thursday, October 5, 2023.
This article's cover image was used for illustrative purposes only.
