Are you aware of all the benefits the Canada Revenue Agency (CRA) pays Canadians in 2024? If not, you may miss opportunities to add extra cash to your wallet.
This article will explore nine federal and provincial benefits you can take advantage of this year.
Child Benefits for Canadians
As a Canadian with children, you may be eligible for several child benefits provided by the federal and provincial governments. These benefits are designed to help families with the cost of raising children.
Here are three child benefits you can take advantage of in 2024:
Canada Child Benefit
The Canada Child Benefit (CCB) is a tax-free monthly payment that helps eligible families with the cost of raising children under 18. The amount you receive depends on several factors, including the number of children you have and your family income.
The maximum benefit you can get for each child is as follows:
- Child under 6 years of age: $7,437 per year ($619.75 per month)
- Child is 6 to 17 years of age: $6,275 per year ($522.91 per month)
You can use the CCB calculator to estimate how much you may be eligible for.
Alberta Child and Family Benefit
The Alberta Child and Family Benefit (ACFB) is a tax-free payment provided to families with children under 18 years old in Alberta, per the CRA.
For the period spanning July 2023 to June 2024, eligible families can receive up to $2,132 for their first child and lower benefits for subsequent children.
You can check your eligibility for the ACFB through the Alberta government website.
Child Disability Benefit
The Child Disability Benefit is a tax-free monthly payment that helps families who care for a child under 18 years old with a severe and prolonged impairment in physical or mental functions.
The benefit is in addition to the CCB and can provide up to $3,173 per year per child. You can check your eligibility and apply for the Child Disability Benefit through the CRA website.
Tax Credits and Incentives
If you’re looking to reduce your tax burden in 2024, you can take advantage of several tax credits and incentives.
Here are three of the most common ones:
Goods and Services Tax/Harmonized Sales Tax (GST/HST) Credit
The GST/HST credit is a tax-free quarterly payment that helps individuals and families with low and modest incomes offset the GST/HST they pay on goods and services.
The amount of the credit is based on your family income, marital status, and the number of children you have.
The maximum credit for a single individual is $496, while the amount for a couple is $650, plus $171 per child under age 19.
To qualify for the GST/HST credit, you must file a yearly tax return, even if you have no income to report.
Climate Action Incentive Payment (CAIP)
The CAIP is a refundable tax credit that is designed to offset the additional costs of the federal carbon pricing system.
The credit is available to residents of provinces that do not have their own carbon pricing system, including Alberta, Manitoba, Ontario, Saskatchewan, Nova Scotia, Prince Edward Island, and New Brunswick.
The amount of the credit varies depending on your province of residence and the size of your household.
Ontario Trillium Benefit (OTB)
The OTB is a combination of three tax credits that help low- to moderate-income individuals and families in Ontario with the cost of energy, property taxes, and sales tax. The three credits are the Ontario Energy and Property Tax Credit, the Ontario Sales Tax Credit, and the Northern Ontario Energy Credit.
The amount of the credit you receive depends on your income, marital status, and family size.
The maximum Northern Ontario Energy Credit payment for a single individual in 2024 (July 2023 to June 2024 cycle) is $172, the maximum Ontario Energy and Property Tax Credit is $1,360, and the maximum Ontario Sales Tax Credit is $345.
Income Support for Workers
If you’re a Canadian worker with low or modest income, you may be eligible for income support from the Canadian government.
Canada Workers Benefit
The Canada Workers Benefit (CWB) is a refundable tax credit that provides financial support to low-income workers and their families.
The amount of the credit you receive depends on your income, family size, and other factors. In 2024, the maximum benefit amount for single individuals is $1,428, and for families, it’s $2,461.
To be eligible for the CWB, you must be a resident of Canada, have earned income, and file a tax return.
Benefits for Seniors
Two of Canada’s most popular pension programs are the Canada Pension Plan (CPP) and the Old Age Security (OAS).
Canada Pension Plan
The CPP is a retirement pension plan that provides a monthly income to eligible Canadians. If you have worked and contributed to the CPP during your career, you may be eligible to receive a CPP retirement pension.
The amount you receive will depend on how much you have contributed to the plan and how long you have been making contributions.
For 2024, the maximum CPP retirement pension for new beneficiaries at age 65 is $1,364 monthly. The average monthly CPP retirement pension for current beneficiaries is $831.92 per month.
You can apply for CPP up to 12 months before you want your pension to start.
Old Age Security
The OAS program provides a monthly pension to eligible seniors who are 65 years of age or older. The amount of your OAS pension depends on how long you have lived in Canada after the age of 18.
The maximum monthly OAS pension for the second quarter of 2024 ranges from $713.34 to $784.67.
