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

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.GST/HST creditThe 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:at least 19 years olda Canadian resident for income tax purposes the month before the CRA makes a payment and at the beginning of the month the CRA makes a paymentIf you're under 19 years old, you must meet at least one of the following conditions:you have or had a spouse or common law partneryou are or were a parent and live or lived with your childWith this credit, you could get a payment that's up to:$496 if you're single$650 if you're married or have a common law partner$171 for each child under 19 years oldThe GST/HST credit payment date is Friday, January 5, 2024.Advanced Canada Workers BenefitThe 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:earn working income and your net income is below the net income level for your province or territory of residenceare a resident of Canada throughout the yearare 19 years of age or older on December 31, or you live with your spouse or common law partner or your childThe 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.Climate action incentive paymentThe 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:you are a resident of Canada in the month before the paymentyou are a resident of a climate action incentive payment province on the first day of the payment monthTo 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:you have or had a spouse or common law partneryou are or were a parent, and live(d) with your childIf 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:$193 for an individual$96.50 for a spouse or common law partner$48.25 per child under 19$96.50 for the first child in a single parent familyThe quarterly base amount for payments in Manitoba is:$132 for an individual$66 for a spouse or common law partner$33 per child under 19$66 for the first child in a single parent familyThe quarterly base amount for New Brunswick is:$92 for an individual$46 for a spouse or common law partner$23 per child under 19$46 for the first child in a single parent familyThe quarterly base amount for Newfoundland and Labrador is:$164 for an individual$82 for a spouse or common law partner$41 per child under 19$82 for the first child in a single parent familyThe base amount for the quarterly payment in Nova Scotia is: $124 for an individual$62 for a spouse or common law partner$31 per child under 19$62 for the first child in a single parent familyThe quarterly base amount for Ontario's climate action incentive payment is:$122 for an individual$61 for a spouse or common law partner$30.50 per child under 19$61 for the first child in a single parent familyThe base amount for the quarterly payment to residents of P.E.I. is:$120 for an individual$60 for a spouse or common law partner$30 per child under 19$60 for the first child in a single parent familyThe base amount for Saskatchewan is:$170 for an individual$85 for a spouse or common law partner$42.50 per child under 19$85 for the first child in a single parent familyIf 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.Canada Child BenefitThe 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:you live with a child who is under 18 years of ageyou are primarily responsible for the care and upbringing of the childyou are a resident of Canada for tax purposesAlso, you or your spouse or common law partner must be any of the following: a Canadian citizena permanent residenta protected persona temporary resident who has lived in Canada for the previous 18 months, and who has a valid permitan individual who is registered, or entitled to be registered under the Indian ActThe 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.