4 Federal Benefits, Credits & Payments That Are Giving Out Money To Canadians In January

You can start the new year with quite a bit of cash because federal benefits , credits and payments are giving out money to Canadians in January. That includes the climate action incentive payment , Canada Child Benefit , and more. With the benefits, payments and credits , you could receive hundreds of dollars from the federal government this month! So, if you're wondering what benefits are paying out and how much money you could get, here's what you need to know about these benefits and payment dates for January 2024.

The goods and services tax/harmonized sales tax credit — which is also known as the GST/HST credit — is a tax free quarterly payment that helps individuals and families with low and modest incomes offset GST or HST. You're automatically considered for the GST/HST credit when you file your taxes each year.

Generally, you're eligible for the GST/HST credit if you are: If you're under 19 years old, you must meet at least one of the following conditions: With this credit, you could get a payment that's up to: The GST/HST credit payment date is Friday, January 5, 2024. The Canada Workers Benefit (CWB) is a refundable tax credit to support individuals and families who are working and earning a low income.

It provides advance payments equal to 50% of the CWB across three payments under the Advanced Canada Workers Benefit (ACWB). You're eligible for the basic amount of the CWB if you meet all the following conditions: The maximum basic amount for the CWB is $1,428 for single individuals and $2,461 for families.

However, the maximum basic CWB amount will vary for residents of Quebec, Nunavut and Alberta. You don't need to apply to receive the advanced payments. If you're entitled to a CWB amount on your income tax and benefit return, the Canada Revenue Agency will automatically send you payments. The payment date for the ACWB is Friday, January 12, 2024.

The climate action incentive payment is a tax free amount that's meant to help individuals and families offset the cost of federal pollution pricing. It's available to residents of Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, P.E.I., and Newfoundland and Labrador. You're eligible for the climate action incentive payment if both of the following conditions are met at the beginning of the payment month: To be eligible for the climate action incentive payment you must also be either 19 years old in the month before the Canada Revenue Agency makes a payment or be under 19 and meet one of the following conditions: If you are eligible for the Canada Child Benefit, you'll get more money from the climate action incentive payment.

How much money you get from the climate action incentive payment depends on where you live and your family situation. The quarterly base amount for Alberta's climate action incentive payment is: The quarterly base amount for payments in Manitoba is: The quarterly base amount for New Brunswick is: The quarterly base amount for Newfoundland and Labrador is: The base amount for the quarterly payment in Nova Scotia is: The quarterly base amount for Ontario's climate action incentive payment is: The base amount for the quarterly payment to residents of P.E.I.

is: The base amount for Saskatchewan is: If you get your tax refund by direct deposit, you will also get your climate action incentive payment by direct deposit. It will be in your bank accounts as "Climate Action Incentive." If you get your tax refund by cheque, you'll receive the payment as a cheque delivered through the mail.

The climate action incentive payment date is Monday, January 15, 2024. The Canada Child Benefit (CCB) is a tax free monthly payment for families to help with the cost of raising children under 18 years old. To be eligible for the CCB , you must meet all of the following conditions: Also, you or your spouse or common law partner must be any of the following: The maximum CCB amount is $7,437 per year — which is $619.75 per month — for each child under six years old and $6,275 per year — which is $522.91 per month — for each child from 6 to 17 years old.

The CCB payment date is Friday, January 19, 2024. You won't receive a monthly payment if your total benefit amount for the year is less than $240. It'll given as a lump sum on the July payment date instead. This article's cover image was used for illustrative purposes only..