Photo via Andriy R on Shutterstock
Every year, Canadians receive benefit payments after filing their income taxes or applying for them.
Since most of them are automatically applied, we sometimes forget we’re even getting extra money. And if you happened to check your bank account , you may have even received a couple of these benefit payments already.
These are usually deposited via direct deposit but if you don’t have that set up, you’ll get them in the form of a cheque.
Not everyone is eligible for every benefit. But if you’re like us and would love to know when you’ll be receiving these payments in 2023, you’ve come to the right place.
And if you haven’t already heard, some Canadians are also getting a one-time payment to help low and modest-income families cope with Canada’s inflated prices.
Here’s a breakdown of every benefit available to Canadians and when to expect them:
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This sum will depend on who you live with, for example – a family of four with a net income of $35,000 will receive the full amount of $467, while single Canadians who are eligible with no children will get $234.
A single mother with one child and $30,000 in net income will receive $386.50 in addition to the $1,160 they receive through the GST Credit and a single senior, with $20,000 in net income will receive $233.50 – also in addition to the $701 they receive this benefit year through the GST Credit.
The GST/HST credit is “a tax-free quarterly payment that helps individuals and families with low and modest incomes offset the GST or HST that they pay,” according to the Canadian government. Canadians are automatically considered for the GST/HST credit when taxes are filed. For more information, click here.
This benefit is a tax-free amount paid to help individuals and families “offset the cost of the federal pollution pricing.” Residents of Alberta, Saskatchewan, Manitoba, and Ontario receive this in quarterly tax-free payments. For more information as to how much and who is eligible, click here.
The Canada child benefit is a tax-free monthly payment made to eligible families to help with the cost of raising children under 18. This is a benefit you apply for and may include the child disability benefit, including any related provincial and territorial programs, according to the government.
The Canada Pension Plan is a monthly, taxable benefit that replaces part of your income when you retire. To qualify, you must be at least 60 years old and have made at least one valid contribution to the CPP.
This benefit is a combination of the Ontario energy and property tax credit, Northern Ontario energy credit, and Ontario sales tax credit. It is usually divided by 12 and the payments are issued monthly. The amount you receive is based on your income tax and benefit return. Ontario only.
The ACFB is a tax-free amount that is paid to families that have children under 18. The benefit becomes less if the family income exceeds $24,467. “If your adjusted family net income is between $24,467 and $41,000, you may receive a partial benefit,” according to the government. Alberta only.
This is a refundable tax credit that aims to help individuals and families who are working and are low-income. The benefit has two parts: a basic amount and a disability supplement. This is claimed when you file your income tax return, only if you’re eligible.
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