In this article, we share the latest news about four Canada Revenue Agency (CRA) benefits that will be increased in July 2024. This is great news for people receiving these benefits! The Canadian Government is planning to boost several benefits to help ease the financial pressure on Canadians. We provide a detailed look at these updated benefits and explain what they mean for the people who receive them.
4 CRA Benefits Will Be Credited In July 2024
The Canada Revenue Agency (CRA) manages tax laws for the Government of Canada and most provinces and territories. Beginning in July 2024, the CRA will increase payments for several important benefits to help Canadians with the rising cost of living. The CRA adjusts these benefit payments each year to ensure that the financial help meets people’s basic needs and keeps up with the higher cost of living. These changes are important for reducing the financial stress experienced by individuals and families across the country.
4 CRA Benefits List
The 4 CRA benefits will be given to those who qualify based on specific rules. Here are some of the benefits the CRA provides in Canada to eligible people:
Canada Child Benefit (CCB): The CCB is a monthly payment that is not taxed and helps families with the costs of raising children. Eligibility for this benefit is based on the Adjusted Family Net Income (AFNI), which is calculated using tax returns.
GST/HST Credit: This is a tax-free payment given every three months to help individuals and families with low to moderate incomes offset the GST/HST they pay. The amount of this credit is updated each year to match changes in the cost of living and income levels.
Advanced Canada Workers Benefit (ACWB): The ACWB is a refundable tax benefit designed for low-income workers. It aims to encourage people to join the workforce and provides financial support to help them stay financially stable.
Canada Carbon Rebate (CCR): Also known as the Climate Action Incentive Payment, the CCR helps reduce the costs associated with federal pollution pricing. This benefit is given to households in specific provinces to help cover these expenses.
People can also choose additional benefits. For example, the Home Buyers’ Plan allows first-time home buyers to withdraw up to $35,000 tax-free from their Registered Retirement Savings Plan (RRSP) to help purchase a home.
CRA Benefits Eligibility Check
- Canada Child Benefit: If you have kids under 18, you can receive the Canada Child Benefit. The amount you get is calculated based on your last tax return. The CRA checks your income tax return to see if you qualify, so make sure to file your taxes on time.
- GST/HST Credit: This credit is for people and families who earn a low to moderate income. It helps reduce the amount of GST or HST (sales taxes) you pay. The CRA determines if you qualify based on your income and tax return.
- Additional Child Benefit (ACWB): The ACWB is for low-income workers who are 19 years old or older. Your eligibility depends on your income and where you live. The CRA looks at your income to decide if you qualify.
- Canada Carbon Rebate: This rebate helps offset the cost of carbon pricing for people aged 19 and older who live in certain provinces. The CRA decides if you qualify based on where you live and your age.
Remember, to be eligible for these benefits, you must file your taxes correctly. The CRA uses your tax information to automatically figure out if you qualify.
4 CRA Benefits With Increment
We’ll look at the new increases in CRA benefits starting from July 2024.
- Canada Child Benefit: From July 2024, families with children under 6 years old will receive up to $7,786.92 per year, which is an increase from $7,437. This extra money helps cover costs for things like child care and education.
- GST/HST Credit: Starting in July 2024, the maximum credit for single people will go up to $519, from $496. For couples, the credit will increase to $680, up from $650. This helps reduce the amount you spend on everyday items.
- Advanced Canada Workers Benefit: From this month, single individuals will see their maximum yearly benefit increase from $1,428 to $1,518. This boost helps with essential expenses and supports financial independence.
- Canada Carbon Rebate: In July, there will be a new addition to the Carbon Rebate for rural residents. If you live in a rural area, you can get an extra 20% on your rebate, helping with the higher cost of living in these areas.
These changes are designed to give extra support to Canadians dealing with inflation and rising living costs.
CRA Benefits Payment Date
Here are the payment dates for the four main CRA benefits to help you stay organized:
| CRA Benefit | Payment Date |
| Canada Child Benefit | 19 July 2024 |
| GST/HST Credit | 5 July 2024 |
| Advanced Canada Workers Benefit | 12 July 2024 |
| Canada Carbon Rebate | 15 July 2024 |
Note that other CRA benefits, such as the Disability Tax Credit and homebuyer programs like the Home Buyers’ Plan, are not included in these July 2024 updates.