Canada Workers Benefit payments go out today — Here's how much $ you can receive
You could be entitled to hundreds of dollars.
A pile of Canadian banknotes.
As mid-July approaches, Canadians can expect payments from several Government of Canada benefits and credits, including the Canada Workers Benefit (CWB).
The CWB is set to pay out today, July 12 to eligible Canadians. It's important to verify if you're entitled to receive the Canada Workers Benefit, as you could potentially receive anywhere from hundreds to thousands of dollars.
Here's everything you need to know about the incoming Canada Workers Benefit payment:
What is the Canada Workers Benefit (CWB)?
According to the Canada Revenue Agency (CRA), the Canada Workers Benefit is a refundable tax credit for low-income individuals and families, comprising a basic amount and a disability supplement. It can be claimed when filing an income tax return.
Eligible recipients will receive advance payments of up to 50% of the CWB through the Advanced Canada Workers Benefit (ACWB), automatically issued in three payments, to help manage the rising cost of living.
Who is eligible for the Canada Workers Benefit?
To be eligible for the basic amount of the Canada Workers Benefit (CWB), you must earn working income with a net income below the threshold set for your province or territory, be a Canadian resident throughout the year, and be 19 years or older on December 31 or live with a spouse, common-law partner, or child.
You are not eligible if you are a full-time student for more than 13 weeks in the year (unless you have an eligible dependant on December 31), are confined to a prison or similar institution for at least 90 days during the year, or are exempt from paying Canadian tax as an officer, servant, or family member of a diplomat from another country.
How much can you receive from the Canada Workers Benefit?
Per the CRA, the maximum basic Canada Workers Benefit (CWB) amount is $1,518 for single individuals, with a gradual reduction if the adjusted net income exceeds $24,975, and no benefit is provided if the income is above $35,095.
For families, the maximum is $2,616, with reductions starting at an adjusted family net income of $28,494, and no benefit given if the income surpasses $45,934. This maximum amount may vary for residents of Quebec, Nunavut, and Alberta.
When are the Canada Workers Benefit payment dates?
The Canada Workers Benefit is being distributed on July 12, 2024.
The next payment dates are as follows:
- October 11, 2024