Big News: These 4 CRA Benefits Will Increase in July 2024!

4 CRA Benefits Will Increase in July 2024: Hey there, Canadians! We know that the rising cost of living can make it tough to manage your money. But guess what? We’ve got some fantastic news for you! Starting in July 2024, the Canadian government is bumping up several important benefits through the Canada Revenue Agency (CRA). This means more financial help is on the way for families, low-income earners, and folks living in rural areas. Let’s dive into the details and see how these changes can make a big difference for you.

CRA Benefits Will Increase in July 2024

1. Canada Child Benefit (CCB): More Support for Raising Kids

Raising kids can be expensive, right? The Canada Child Benefit (CCB) is here to help. It’s a monthly, tax-free payment designed to support families with the costs of raising children.

What’s Changing in July 2024?

The maximum annual benefit for kids under 6 will increase from $7,437 to $7,786.92. That’s an extra $349.92 each year!

Who Is Eligible?

All Canadian families with children under 18 can get the CCB. The amount you receive depends on your adjusted family net income (AFNI) from the previous year’s tax return.

When Will You Get the Increased Benefit?

Mark your calendars! The first payment with the new amount will be on July 19, 2024. After that, expect payments around the 20th of each month.

How to Apply:

If you’re new to Canada and arrived after the tax deadline, you can apply online using your CRA My Account or by mail with Form RC66, Canada Child Benefits Application.

2. GST/HST Credit: Lowering the Tax Burden

The GST/HST credit is a tax-free quarterly payment that helps low- and middle-income individuals and families offset the GST or HST they pay on everyday purchases.

What’s Changing in July 2024?

• Single Individuals: The maximum annual credit will increase from $496 to $519.
• Couples: The maximum annual credit will rise from $650 to $680.

Who Is Eligible?

The CRA automatically decides if you’re eligible based on your income from your tax return. If your income is low to moderate, you’re likely to qualify.

When Will You Get the Increased Benefit?

The first quarterly payment with the new amount will be on July 5, 2024. Payments will continue every three months.

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3. Advanced Canada Workers Benefit (ACWB): A Boost for Low-Income Earners

The ACWB is a refundable tax credit designed to support low-income working individuals and families. It’s a great incentive to work and provides financial assistance to cover essential expenses.

What’s Changing in July 2024?

The annual benefit amount for single individuals will go up from $1,428 to $1,518. That’s an extra $90 to help with your living costs!

Who Is Eligible?

The ACWB is for low-income workers aged 19 or older. The amount you receive depends on your income and residency status in Canada.

When Will You Get the Increased Benefit?

Look out for the first quarterly payment with the increased amount on July 12, 2024. Payments will continue quarterly.

4. Canada Carbon Rebate (CCR): Helping with Carbon Pricing Costs

The Canada Carbon Rebate (CCR), formerly the Climate Action Incentive Payment (CAIP), helps offset the costs of the federal carbon pricing plan.

What’s Changing in July 2024?

A new rural supplement will be added, giving an extra 20% on top of the regular CCR amount for eligible residents in rural areas. This helps with the higher costs of essential goods and services in these areas.

Who Is Eligible?

Residents of specific provinces where the carbon pricing plan applies and who are 19 or older can get the CCR. Check the CRA website for a list of eligible provinces.

When Will You Get the Increased Benefit?

The first payment with the new rural supplement will be on July 15, 2024. Payments will continue quarterly.

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Important Reminders

To make sure you get these increased benefits, you must file your income tax return on time, even if you have no income to report. The CRA uses your tax return to calculate your benefits automatically.

Additional Support Programs

While the above benefits are increasing in July 2024, here are some other programs you might find helpful:

Disability Tax Credit (DTC): This credit helps reduce the amount of income tax owed by eligible individuals with disabilities and their supporting family members.

First-Time Home Buyer’s Savings Account (FHSA): Save up to $40,000 tax-free towards a home down payment. Contributions are deductible, and withdrawals for home purchases are tax-free.

Home Buyers’ Plan (HBP): Withdraw up to $60,000 from your RRSPs for a home down payment and repay over 15 years.

GST/HST New Housing Rebate: Get a partial refund of the GST or HST paid on the construction or purchase of a new home.

Key Takeaways

The CRA’s increased benefits in July 2024 are here to provide more financial support to Canadians dealing with rising living costs. Whether you have kids, are a low-income earner, or live in a rural area, these changes are designed to help ease your financial burden.

To ensure you get the benefits you deserve, file your taxes on time and keep your information up-to-date with the CRA. Take advantage of these programs and stay informed to achieve greater financial stability.

If you found this article helpful, share it with your friends and family so they can benefit too! Let’s spread the good news and help everyone maximize these increased benefits.