These offerings from the federal government are meant to help supplement low-income, pay for post-secondary education, offset GST or HST you have to pay, offset the cost of federal pollution pricing, and cover the cost of training fees.
That means hundreds of dollars are up for grabs if you're a single person in Canada that you can get without having a spouse, and regardless of if you have kids or not.
Some of those benefits, credits, grants and payments are the climate action incentive payment, Canada Workers Benefit, Canada Learning Bond, and more.
Here's what you need to know!
GST/HST credit
The goods and services tax/harmonized sales tax credit — which is known as the GST/HST credit — is a tax-free quarterly payment that helps people with low and modest incomes offset the GST or HST that they pay.
It can also include payments from provincial and territorial programs.
You're automatically considered for the GST/HST credit when you file your taxes each year.
For the payment period that's between July 2023 and June 2024, the amount of money you could get is up to $496 if you are single and $171 for each child under 19 years of age.
Canada Workers Benefit
The Canada Workers Benefit is a refundable tax credit to help people who are working and earning a low income.
As of July 2023, it provides advance payments equal to 50% of the Canada Workers Benefit across three payments under the Advanced Canada Workers Benefit.
If you received the benefit in 2022, you will automatically receive the advanced payments and there is no need to apply.
You are eligible for the basic amount of the Canada Workers Benefit if you:
- earn working income and your net income is below the level set for your province or territory of residence
- are a resident of Canada throughout the year
- are 19 years of age or older on December 31 or live with your child
The maximum basic amount for the Canada Workers Benefit is $1,428 for single individuals and the maximum amount for the disability supplement is $737 for single individuals.
Climate action incentive payment
The climate action incentive payment is a tax-free amount paid to individuals and families to offset the cost of federal pollution pricing.
Money is available to residents of Alberta, Saskatchewan, Manitoba, Ontario, Newfoundland and Labrador, Nova Scotia, and P.E.I. and New Brunswick.
The climate action incentive payment program in Ontario provides an annual credit of:
- $488 for an individual
- $122 per child under 19
- $244 for the first child in a single-parent family
The Manitoba program offers an annual credit of:
- $528 for an individual
- $132 per child under 19
- $264 for the first child in a single-parent family
In Saskatchewan, the climate action incentive payment gives an annual credit of:
- $680 for an individual
- $170 per child under 19
- $340 for the first child in a single-parent family
Residents of Alberta get an annual credit of:
- $772 for an individual
- $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
- $41 per child under 19
- $82 for the first child in a single-parent family
In Nova Scotia, the climate action incentive payment program offers a quarterly credit of:
- $124 for an individual
- $31 per child under 19
- $62 for the first child in a single-parent family
The payments for P.E.I. residents are a quarterly credit of:
- $120 for an individual
- $30 per child under 19
- $60 for the first child in a single-parent family
New Brunswick's climate action incentive payment program provides a quarterly credit of:
- $92 for an individual
- $23 per child under 19
- $46 for the first child in a single-parent family
Canada training credit
With the Canada training credit, you can get a refundable tax credit to help with the cost of eligible training fees.
You can claim the credit for tuition and other fees paid for courses that you took in a year.
To be eligible for the Canada training credit, you must meet all of these six conditions:
- you file an income tax and benefit return for the year
- your Canada training credit limit for the year is more than zero
- you were a resident of Canada throughout the year
- tuition or other fees were paid to an eligible educational institution for courses you are claiming the credit for that you took in the year or to certain bodies for an occupational, trade or professional examination
- tuition and fees are otherwise eligible for the existing tuition tax credit
- you were at least 26 years old and less than 66 years old at the end of the year
The amount you can claim for the Canada training credit is whichever amount is less:
- your Canada training credit limit for the tax year
- 50% of the eligible tuition and other fees paid to an eligible educational institution in Canada for courses you took in the year, or fees paid to certain bodies for an occupational, trade or professional exam taken in the year
If the credit is more than your tax owing, you may get a refund for the difference.
Canada Learning Bond
The Canada Learning Bond is money from the federal government to help pay for post-secondary education.
It provides an initial payment of $500 in a registered education savings plan and then $100 for each following year of eligibility until the year the beneficiary turns 15 years old.
There is a maximum of $2,000 that can be deposited into a registered education savings plan by the government.
Also, contributions to the plan aren't required for beneficiaries to receive the Canada Learning Bond.
Eligibility for the Canada Learning Bond is based on family income and all recipients must:
- be born on or after January 1, 2004
- be a resident of Canada
- have a valid Social Insurance Number
- be named as a beneficiary to an RESP
If you were eligible for the Canada Learning Bond as a child but didn't receive it, you can apply for it yourself by opening your own registered education savings plan.
You can do that as soon as you turn 18 years old and up until the day before you turn 21 years old.
Then, you'll get the money retroactively.
Tax credit for student loan payments
You can receive a 15% tax credit on any interest you pay on your government student loans every year.
This credit from the federal government applies to interest payments you make on both your federal and provincial or territorial student loans.
You may be eligible to claim an amount for the interest paid on your student loan or the preceding five years for post-secondary education if you received it under the Canada Student Loans Act, the Canada Student Financial Assistance Act, the Apprentice Loans Act, or provincial or territorial government laws similar to those acts.
If you have no tax payable for the year the interest is paid, the government suggests that you don't claim it on your return.
That's because you can carry the interest forward and apply it on your return for any of the next five years.
You can get your T4A documents and statements needed to get this credit in your National Student Loans Service Centre account at the start of each calendar year.
Home buyers' amount
With the home buyers' amount from the federal government, you can claim up to $10,000 on your tax return for the purchase of a qualifying home.
These are the requirements:
- you acquired a qualifying home
- you did not live in another home that you (or your spouse or common-law partner) owned in the year of the acquisition or in any of the four preceding years
You can claim up to $5,000 for the purchase of a qualifying home in 2021 or earlier if you also meet those conditions.
A qualifying home has to be registered in your name in accordance with the applicable land registration system and located in Canada. That includes existing homes and ones under construction.
According to the government, single-family houses, semi-detached houses, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes or apartment buildings are considered qualifying homes.
This article's cover image was used for illustrative purposes only.
