Canada Eligible Canadians to receive newly enhanced workers benefit today
Toronto/IBNS: As part of the newly enhanced Canada Workers Benefit (CWB), eligible Canadians will reportedly receive their first automatic advance payments on Friday from the revenue agency.
Due to the expansion of eligibility In 2021, a million more workers would receive the enhanced CWB benefit with single eligible workers to receive up to $1,518, and eligible families will receive up to $2,616.
Recipients of enhanced CWB in 2022 will automatically receive the funds as a top-up to their income without any application.
“The Canada Workers Benefit tops-up the income of up to 4.2 million hardworking Canadians—because no one working full-time should be struggling to put food on the table or to pay their rent,” said Deputy Prime Minister and Minister of Finance, Chrystia Freeland, in a news release.
Bill C-47 implementing some of the commitments from the 2023 federal budget enables the CWB payments to be done in advance contrary to previous recipients who would've had to wait until they’ve filed their taxes next year to receive the benefit.
The eligibility criteria for the CWB requires recipients to earn a working income below the net income level set for their province, be a Canadian resident through the year, and be age 19 or older on Dec 3 or live with a spouse, common-law partner, or child.
The net income level ranges between $33,015 to $58,932, depending on the province or territory the applicant resides in, how many children the applicant has, as well as whether the applicant is single.
Three advance payments of the funds will be made in three parts in Jul 2023, Oct 2023, and Jan 2024, and a final payment following the filing of the workers’ 2023 tax return.
A worker, for example who earned a yearly income of $25,000 received $1,200 through the Canada Workers Benefit for 2022. Now, with the advance payments, the worker will receive three quarterly payments of $200, and a final payment of $600 after filing their 2023 taxes in early 2024.
The deposited payment will be based on income reported in the previous year’s tax return, and will be adjusted based on inflation to keep up with the cost of living.
The new advance payment is in addition to other benefits including the reduced child care costs, the Canada Child Benefit, the Canada Dental Benefit, the Grocery Rebate, the Pollution Pricing Rebate, and tax relief from the increased Basic Personal Amount.
(Reporting by Asha Bajaj)
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