Some Ontarians Are Getting Money From The Government This Week & Here's What To Expect
It's even more money than before!
Someone giving a person money.
If you were sad about the weather getting colder next week, the surprise in your bank accounts might turn that frown upside down.
Ontarians who are eligible should receive money from the government for the climate action incentive payment (CAIP) on April 14. However, it's worth noting that you must have had your tax and benefit returns assessed on or before March 24, 2023, to see that happen.
But don't fret if they weren't assessed on this day because your April amount "will be included in a subsequent payment."
The government states that "[t]he CAIP is a tax-free amount paid to help individuals and families offset the cost of the federal pollution pricing."
\u201cThe next Climate action incentive payment will be issued April 14th. \n\nIt can take up to 10 business days to arrive. If you have an amount owing with us or another government department, your payment may be used to pay it back. More info: https://t.co/xR69vMMJYs\n\n #CdnTax\u201d— Canada Revenue Agency (@Canada Revenue Agency) 1681414514
However, there is more good news coming your way.
It was announced on Thursday that "as the price on pollution rises, the Government of Canada is returning more money to families, every three months," starting today!
So, Ontarians' bank accounts will look fuller than they did the last time the CAIP was spotted in your wallets.
A family of four in Ontario can expect to receive $244 in the spring CAIP. This means from 2023 to 2024, eligible families could receive $976 yearly.
Additionally, if you live in a rural and small community in Ontario, you are entitled to an extra 10%.
How much is the CAIP payment?
The CAIP is "universal," which means it is adjusted based on family net income.
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
- $244 for the first child in a single-parent family
Does everyone get the climate action incentive payment?
If you are a resident of Canada, you are eligible to receive this credit. But to be eligible, you must also "be a resident of an eligible CAIP province on the first day of the payment month," the government website states.
You should be at least 19 years old the month before the CRA makes a quarterly payment. And if you are a newcomer to Canada, then there are a few steps you need to follow to become eligible.
You can check if you're eligible by visiting the link here.
Do you need to apply to get the climate action incentive payment?
No, you do not need to apply to receive the payment. The CRA will do all that work for you and determine your eligibility when you file your income tax and benefit return.
When can you expect to receive your next CAIP?
If you're entitled and eligible, you can expect to see some money from the government on the 15th of April, July, October and January.
If that date falls on a Saturday, Sunday, or federal statutory holiday, you can expect to receive the payment on the last business day before the 15th of the month.
Also, keep in mind that it could take up to 10 business days to see the money in your accounts. So, don't worry too much if you don't receive the amount by this date.