Wondering if you’re eligible for the CRA benefits this October? The Canada Revenue Agency (CRA) is sending out several key payments that could help you with rising living costs.
These payments are designed to provide financial support, especially for families, low-income earners, and seniors. So, whether you’re a Canadian citizen, a newcomer, or even here temporarily, these payments could give you some much-needed relief.
Let’s dive into what you can expect from the CRA benefits in October 2024 and make sure you don’t miss out.
Why Are CRA Benefits Important Right Now?
Living costs keep rising. Groceries, rent, utilities—it’s all going up. The CRA benefits aim to ease some of that pressure, putting extra cash in your pocket when you need it the most.
These payments are especially important this October because multiple benefits are being paid out, and they’re critical for millions of Canadians trying to make ends meet.
Here’s what you need to know about these payments and how to make sure you’re eligible.
1. Canada Child Benefit (CCB) — Are You Getting the Right Amount?
Let’s start with the Canada Child Benefit (CCB). If you have kids under 18, this one’s for you. The CCB is a tax-free monthly payment that helps cover the cost of raising children.
The amount you get depends on your household income, but if your income has dropped this year, you could get more.
New to Canada? Don’t forget to apply for this benefit. If you’ve recently moved here or had a baby, you could be eligible, and it’s money that can make a real difference.
Also, filing your income tax return is key. The CRA uses that info to figure out how much CCB you qualify for, so make sure your taxes are up to date. Missed a year? Don’t panic, just file it now to get caught up.
2. HST/GST Credit — Are You Missing Out on This?
The HST/GST credit is another benefit that could help put some extra cash in your wallet. It’s paid quarterly and meant to offset the cost of the goods and services tax (GST) or harmonized sales tax (HST). If your household income is low, you might qualify for this credit.
Here’s a key point: This credit isn’t just for citizens. Even if you’re a temporary resident, like an international student or work permit holder, you could be eligible. The CRA sends out the next payment in October, so double-check to see if you’re leaving money on the table.
If your income has dropped in recent months, you might be entitled to a higher payment. It’s worth checking, and it’s easy to apply if you haven’t already.
3. Canada Workers Benefit (CWB) — Can It Boost Your Paycheck?
Working but still struggling to cover the bills? You might qualify for the Canada Workers Benefit (CWB). This benefit is meant for low-income workers who need a little extra help to make ends meet. The October 2024 payment could give your paycheck a nice boost.
The CWB is available for permanent residents, temporary workers, and, of course, Canadian citizens. It’s all about income, so if you’re in the low-income bracket, this benefit could help.
The good news? The CWB is paid quarterly, so if you’re eligible, you’ll see that payment hit your account in October.
4. Old Age Security (OAS) — Is It Time to Apply?
For those over 65, Old Age Security (OAS) is a major source of income. The OAS is a monthly payment, and it gets adjusted every three months to keep up with inflation. In October, seniors will see their payments go up a bit, which is good news with prices rising everywhere.
Even if you’re not a Canadian citizen, you might still qualify for OAS if you’ve lived in Canada for a certain number of years. So, if you’re retired or about to retire, it’s worth applying as soon as you’re eligible.
And remember, you don’t have to wait until you’re 65 to get your financial ducks in a row. Start planning now, and get those applications ready to go so you can receive your payments as soon as you hit the age mark.
5. Guaranteed Income Supplement (GIS) — Do You Qualify for More?
Low-income seniors who are already getting OAS may also qualify for the Guaranteed Income Supplement (GIS). This payment is designed to give extra financial support to seniors with little to no income beyond OAS.
Like OAS, the GIS payments are adjusted every quarter to help keep up with the cost of living. And with inflation continuing to rise, the October 2024 payment will reflect those increases. If you’re a senior struggling to cover daily expenses, check if you’re eligible for the GIS. It could mean a significant bump in your monthly income.
Maximizing Your CRA Benefits
So, how can you make sure you’re getting the most out of these CRA benefits? First, file your taxes every year, even if you didn’t make much money. The CRA uses your tax return to figure out if you qualify for most of these payments. Even if you’re just barely making ends meet, not filing taxes could mean missing out on benefits like the CCB or the GST/HST credit.
Also, if your circumstances change—like losing a job, having a child, or your income going down—be sure to update your information with the CRA. This could increase the amount you’re entitled to.
And don’t wait! These benefits can be a real financial lifeline, but only if you apply for them and keep your information up to date. The CRA won’t know to send you money if they don’t have the right information.
Don’t Miss Out on CRA Benefits
With so many payments coming from the CRA this October, it’s essential to know what’s available and make sure you’re taking full advantage of it. Whether you’re a parent, a worker, or a senior, there’s likely something here that can help ease the pressure of rising costs.
If you haven’t already, take a few minutes to check your eligibility. You don’t want to leave money on the table, especially in tough economic times like these. Whether you’re a newcomer, a citizen, or somewhere in between, the CRA has support options designed to help you out.
Ready to take the next step? Visit the CRA’s website to check your eligibility and apply for any benefits you might be missing. The sooner you apply, the sooner you’ll see that money coming your way.