Some Ontarians Can Expect Cash Back From The Government This Week
Check your bank accounts!
Someone holding Canadian money.
Get ready to receive some cash from the government this week, Ontarians, because it's that time of year again!
If you're eligible, you should receive a payment for the climate action incentive payment (CAIP) on January 13, which means your chequing account will look a little snazzier this month.
According to the Government of Canada, "the CAIP is a tax-free amount paid to help individuals and families offset the cost of the federal pollution pricing."
\u201c\ud83d\udcc6 If you\u2019re eligible, you\u2019ll receive your payment for the Climate action incentive payment on January 13th!\n\nTo keep receiving these payments, make sure you do your taxes every year. \n\nMore info \u27a1\ufe0f https://t.co/wxfChwheBT #CdnTax\u201d— Canada Revenue Agency (@Canada Revenue Agency) 1673614858
Ontarians do not need to apply for it to receive it. "The Canada Revenue Agency (CRA) will determine your eligibility when you file your income tax and benefit return and will send you payments if you're entitled to them." the government added.
Additionally, the CAI used to be a refundable credit claimed annually on personal income tax returns, but in July 2022, it became a quarterly tax-free payment through the benefits system.
Does everyone get the climate action incentive payment?
Residents of Alberta, Saskatchewan, Manitoba and Ontario are eligible to receive these payments.
"To be eligible, you must be a resident of Alberta, Saskatchewan, Manitoba or Ontario on the first day of the payment month and the last day of the previous month," the government added.
Additionally, "you must also meet at least one of these conditions during the same period:
- You are 19 years of age or older
- You have (or previously had) a spouse or common-law partner
- You are (or previously were) a parent and live (or previously lived) with your child."
How much will the CAIP payments be?
The Ontario program provides an annual credit of :
For an individual in Ontario, they are set to receive an annual credit of $373,- $373 for an individual
- $186 for a spouse or common-law partner
- $93 per child under 19
- $186 for the first child in a single-parent family