The Canada Revenue Agency (CRA) provides a variety of tax credits and benefits to eligible Canadians and credits that can help you with your income, expenses, taxes, and more. These credits or benefits are paid out monthly, quarterly, or annually, depending on the program. But sometimes it can be hard to remember when exactly you’ll receive your payments, especially if you have more than one benefit.
To make things easier for you, we’ve compiled a list of all the CRA tax credits and benefits payment dates and deadlines for 2024. You can find them below, along with a brief description of each benefit. We hope this will help you plan your budget, manage your cash flow, and avoid any surprises. And don’t worry, we’ve also included links to the official CRA website where you can find more information and apply for these credits and benefits if you’re eligible.
GST/HST Credit payment dates 2024:
The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free payment that helps low- and modest-income individuals and families offset all or part of the GST or HST that they pay. It also includes related provincial and territorial programs, such as the BC climate action tax credit, the Nova Scotia affordable living tax credit, and the Quebec solidarity tax credit.
Eligibility:
- You must be a Canadian resident with a low to modest income.
Payment Amount:
- The amount you receive depends on your household income, family size, and province or territory of residence.
Payment Frequency:
- GST/HST credit payments are issued quarterly
Canada Child Benefit payment dates 2024:
One of the most popular benefits in Canada is the Canada Child Benefit (CCB). This is a tax-free monthly payment that helps eligible families with the cost of raising children under 18 years of age.
Eligibility:
- You must be the primary caregiver for a child under 18 years of age.
- Must be a Canadian resident or citizen.
Payment Amount:
- The amount you receive depends on your household income, family size, and the age of your children.
Payment Frequency:
- CCB payments are issued monthly or as a lump sum if the total benefit amount is less than $240.
Ontario Trillium Benefit payment dates 2024:
The Ontario trillium benefit (OTB) is a monthly payment that helps low- to moderate-income Ontario residents with their energy costs, sales taxes, and property taxes. This is a combined benefit that includes the Ontario Energy and Property Tax Credit (OEPTC), the Northern Ontario Energy Credit (NOEC), and the Ontario Sales Tax Credit (OSTC).
Eligibility:
- You must be an Ontario resident with a low to moderate income.
Payment Amount:
- The amount you receive depends on your household income, family size, and whether you live in northern Ontario or not.
Payment Frequency:
- OTB payments are issued monthly or as a lump sum if the annual benefit is less than $360.
Canada Pension Plan payment dates 2024:
The Canada Pension Plan is a monthly benefit that provides a basic income replacement to eligible contributors and their families when they retire, become disabled, or die. It is funded by contributions from workers and employers throughout your career.
Eligibility:
- You must have made a minimum of 1 valid contribution to CPP during your working years.
- Must be at least 60 years old.
Payment Amount:
- The amount you receive depends on your CPP contributions and your retirement age.
Payment Frequency:
- CPP payments are issued monthly on the final banking day of the month.
Climate Action Incentive payment dates 2024:
The Climate Action Incentive Payment (CAIP) is a federal rebate that helps offset the cost of the carbon tax for residents of Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island and Saskatchewan. The CAIP amount varies depending on your province, family size, and whether you live in a rural area.
You’ll automatically receive payments as long as you file a tax return each year.
Eligibility:
- You must reside in one of the provinces mentioned above.
- You must be at least 19 years old.
Payment Amount:
- The amount you receive depends on your household size, province of residence, and whether you live in a rural or urban area.
Payment Frequency:
- CAIP payments are issued quarterly.
Here is a table of the CAIP payment dates for 2024:
Advanced Canada workers benefit payment dates 2024:
The Advanced Canada Workers Benefit (ACWB) is a refundable tax credit that provides income support to low-income Canadians to continue working and encourage unemployed Canadians to enter the workforce.
Eligibility:
- You must be currently employed and have a net income level below the threshold for your province.
- You must be at least 19 years old.
Payment Amount:
- The basic amount for single individuals is $1,428.
- Families can receive a higher payment of $2,461 per year.
Additionally, a CWB disability supplement is available for both single individuals and families, increasing the potential benefit by $737 per year.
Payment Frequency:
- Recipients receive half of their annual benefit in advance, with the remaining half paid later.
Alberta Child and Family Benefit payment dates 2024:
The Alberta Child and Family Benefit (ACFB) is a tax-free quarterly payment program that provides financial assistance to low- and middle-income families with children in Alberta. It’s designed to help families with the costs of raising children.
Eligibility:
- You must live in Alberta.
- You must have at least one child under the age of 18.
Payment Amount:
- The amount you receive depends on the number of children you have and your family’s annual net income.
Payment Frequency:
- ACFB payments are issued monthly.
Old Age Security payment dates 2024:
The Old Age Security program is a monthly benefit that provides income security to seniors aged 65 and older. It includes the Old Age Security pension, the Guaranteed Income Supplement, the Allowance, and the Allowance for the Survivor.
Veteran Disability Pension payment dates 2024:
Disability benefit payments are available through the Veteran disability pension program, provided to those who have experienced or were inflicted with an injury or disease during the time they served our country. The amount you receive depends on your relationship status and family size.
There are 2 ways that individuals can be eligible for this benefit program. First, if you served with the Canadian Armed Forces during either WWII or the Korean War, you’re automatically eligible. Otherwise, you’re only eligible if you served in the CAF and your initial application was made before April 1, 2006.
The 2024 dates haven’t been announced yet.
Wrapping It Up
So, there you have it! We’ve covered a lot of ground in this blog post, and we hope you’ve learned a thing or two about CRA tax credits and benefits available in 2024. Remember, staying informed and proactive is key when it comes to accessing and managing your Canadian tax benefits. By doing so, you can ensure that you receive the support you deserve and make the most of the financial assistance provided by the Canada Revenue Agency (CRA).