Today Is The Deadline For Renters To Claim An Extra $500 From The Gov't — Here's Who Qualifies

What is the Canada Housing Benefit top-up?

This supplement is part of a package of programs, the Cost of Living Relief Act, No. 2 (Targeted Support for Households) and the legislation received royal assent on November 17.

This new measure will grant a tax-free payment of $500 to an estimated 1.8 million low-income renters in Canada to help them deal with the rising cost of housing.

Who is eligible?

According to criteria listed online, you must be at least 15 years old with a primary residence in Canada as of December 1, 2022.

Plus, for tax purposes, you must have been a resident of Canada in 2022 who filed a 2021 income tax return or statement of income. The same applies to your spouse or common-law partner if you have one.

Applicants' adjusted net 2021 income must have been $35,000 or less for families or $20,000 or less if they're single.

Finally, in 2022, you must have paid at least 30% of the value of your 2021 adjusted net income on rent for your main residence in Canada.

If you meet all the listed criteria, you may be eligible to apply for the $500 top-up.

How do you apply for the Canada Housing Benefit top-up? 

Applications are now open on the official Government of Canada website.

Before you apply, make sure you have filed your 2021 income taxes and that you have your rent information with you, including the address of your principal residence, the amount you paid for rent in the 2022 calendar year as well as the name and contact information of the property's owner.

Then, you must set up a CRA My Account (Canada Revenue Agency's online portal) and set up direct deposit with the CRA. They will administer the one-time payment.

The application deadline is Friday, March 31, 2023.

According to the Canada Mortgage and Housing Corporation, around 500,000 people had applied for the top-up by February 21. That means over a million eligible renters have yet to claim their money.