Great news is coming for many Canadians in August 2024! The Canada Revenue Agency (CRA) is increasing payments for four key benefits to help with the rising cost of living. This article will explain the CRA benefit increase in August 2024, covering what these benefits are, who can get them, and how much more money will be available.
4 CRA Benefits Coming in August 2024
The CRA manages taxes and benefits for Canadians. Starting in August 2024, several benefits will increase, helping individuals and families better handle their expenses. These changes ensure that financial support from the government keeps up with inflation and meets the needs of people across the country.
4 CRA Benefits List
Here are the four key benefits that will see a CRA benefit increase in August 2024:
Canada Child Benefit (CCB)
The Canada Child Benefit is a non-taxable payment given monthly to help families with the costs of raising children. This benefit is determined based on income and is adjusted yearly to reflect changes in the cost of living.
GST/HST Credit
This is a tax-free payment given quarterly to help individuals and families with low to moderate incomes offset the GST/HST they’ve paid. The amount is adjusted each year to match inflation and income levels.
Advanced Canada Workers Benefit (ACWB)
The ACWB is a refundable tax benefit for low-income workers. Its goal is to encourage employment and provide financial support to ensure that individuals have enough money to meet their basic needs.
Canada Carbon Rebate (CCR)
The Canada Carbon Rebate, also known as the Climate Action Incentive Payment, helps cover the costs associated with federal pollution pricing. Starting in August 2024, a new rural supplement will provide 20% to residents in rural areas.
CRA Benefits Eligibility Check
To qualify for these benefits, individuals and families must meet specific requirements set by the CRA:
- Canada Child Benefit: All Canadian families with children under 18 can qualify, based on their Adjusted Family Net Income (AFNI).
- GST/HST Credit: Individuals and families with low to moderate incomes are eligible.
- Advanced Canada Workers Benefit: Available to low-income workers aged 19 and above, based on income and residency.
- Canada Carbon Rebate: Residents aged 19 and above in designated provinces can receive this benefit, especially those in rural areas.
It’s important to file your taxes on time, as the CRA uses this information to determine eligibility automatically.
4 CRA Benefits With Increment
Starting in August 2024, the following benefits will see a CRA benefit increase:
| Benefit | Previous Amount | New Amount (August 2024) | Increase |
|---|---|---|---|
| Canada Child Benefit (Under 6 years) | $7,437 per year | $7,786.92 per year | $349.92 |
| GST/HST Credit (Single) | $496 per year | $519 per year | $23 |
| GST/HST Credit (Couples) | $650 per year | $680 per year | $30 |
| Advanced Canada Workers Benefit | $1,428 per year | $1,518 per year | $90 |
| Canada Carbon Rebate (Rural) | 10% supplement | 20% supplement | 10% additional supplement |
Canada Child Benefit (CCB)
The maximum annual benefit for children under 6 will rise to $7,786.92, up from $7,437. This increase provides extra financial relief for families with young children, covering expenses like childcare and education.
GST/HST Credit
The maximum annual credit for single individuals will increase to $519 from $496. For couples, the amount will rise to $680 from $650, helping reduce the tax burden on everyday expenses.
Advanced Canada Workers Benefit (ACWB)
The maximum yearly benefit for single individuals will go up to $1,518 from $1,428, offering more support for essential expenses and promoting financial independence.
Canada Carbon Rebate (CCR)
The CCR will now include a new rural supplement, giving 20% to rural residents. This change acknowledges the higher cost of living in rural areas and provides extra support.
CRA Benefits Payment Date
Here are the important payment dates for the CRA benefits in August 2024:
| CRA Benefit | Payment Date |
|---|---|
| Canada Child Benefit | 19 August 2024 |
| GST/HST Credit | 5 August 2024 |
| Advanced Canada Workers Benefit | 12 August 2024 |
| Canada Carbon Rebate | 15 August 2024 |
Other benefits like the Disability Tax Credit and the Home Buyers’ Plan are also available but are not part of the CRA benefit increase in August 2024.
Conclusion
The upcoming CRA benefit increase in August 2024 is designed to help Canadians manage the increasing cost of living. With higher payments for the Canada Child Benefit, GST/HST Credit, Advanced Canada Workers Benefit, and Canada Carbon Rebate, many individuals and families will find it easier to make ends meet. Ensure your eligibility by filing your taxes on time so you don’t miss out on these important benefits.
FAQ’s
What are the 4 CRA benefits that will see an increase in August 2024?
The 4 CRA benefits set to increase are the Canada Child Benefit (CCB), GST/HST Credit, Advanced Canada Workers Benefit (ACWB), and Canada Carbon Rebate (CCR).
How do I know if I am eligible for these CRA benefits?
Eligibility is determined based on your family income and tax return information. Families with children under 18 can qualify for the CCB, while low to moderate-income individuals can receive the GST/HST Credit. The ACWB is for low-income workers aged 19 and older, and the CCR is for residents living in designated provinces.
When will the increased payments for these benefits be made?
The payment dates for the benefits are as follows:
Canada Child Benefit: July 19, 2024
GST/HST Credit: July 5, 2024
Advanced Canada Workers Benefit: July 12, 2024
Canada Carbon Rebate: July 15, 2024