Canada Revenue Agency to Introduce Advanced Payments for the Canada Workers Benefit

The Canada Revenue Agency (CRA) will give out a payment called the Advanced Canada Workers Benefit (ACWB) on October 11th, 2024.

This payment helps workers who don’t make a lot of money, and their families, all over Canada.

A report by Immigration News Canada says this payment is from a program called the Canada Workers Benefit (CWB). This program helps people who have jobs make more money and handle the rising cost of living.

What is the Advanced Canada Workers Benefit?

The Advanced Canada Workers Benefit is a special payment plan for people who don’t earn much money. It helps them get part of their CWB money earlier, without having to wait for the tax season to end.

People can get up to half of their CWB money in a year, spread out over three payments, to help them when they need it most.

The payment dates for 2024 are:

– July 12th, 2024 (this one has already been given)

– October 11th, 2024

– January 10th, 2025

The Canada Workers Benefit (CWB) and Disability Extra Money

The CWB is divided into two parts: the basic part and an extra payment for a disability.

Basic CWB Part

For single people, the most money you can get from CWB is $1,518 if your yearly income is $24,975 or less.

As you earn more money, this benefit reduces and stops completely if you earn $35,095. For families, the most money you can get is $2,616 for earning $28,494 or less, stopping at $45,934 income.

Disability Extra Money

If you can get a disability tax credit, you may also get some extra money.

If you’re single and earn $35,098 or less in a year, you can get up to $784. If a family earns $40,325 or less, they can get this extra amount, too.

If both partners in a couple qualify, their total family earnings must be $56,386 or less to get the extra money.

Who Can Get the Advanced Canada Workers Benefit?

You can get the Canada Workers Benefit (CWB) if you meet certain rules about income, where you live, and other things. Here’s what you must have:

1. You need to have a job and earn less than your province or territory’s limit.
2. You must be 19 years old by December 31, or live with your partner or child.
3. You must have lived in Canada for the whole year.

You can’t get CWB if you were in prison during the year, study full-time for more than 13 weeks without someone depending on you, or don’t pay taxes in Canada due to diplomatic status.

Getting More from Your Benefits

There are easy steps to make sure you get the Advanced Canada Workers Benefit quickly:

• Do your taxes early. CRA uses tax returns to decide who gets the money. Filing taxes early can ensure you get paid on time.
• Sign up for direct deposit to get the money straight into your bank account. It’s faster!
• Remember payment dates so you know when the money will be in your account.
• Check if you still meet the income and residency rules every year to keep getting benefits.

Important Payment Dates

Here are the dates to watch for Advanced Canada Workers Benefit payments:

• October 11th, 2024
• January 10th, 2025

These payments are done every three months and could be half of your yearly CWB cash. Some people will get their money right on time, but it might take up to 10 days depending on your bank and direct deposit sign-up.

How to Get the ACWB

• No need for a separate form to get the Advanced Canada Workers Benefit. Just do your taxes, and CRA will check if you qualify for the Canada Workers Benefit.
• If you qualify, CRA works out how much you should get and sends the money.
• To have the money as soon as possible, make sure tax returns are sent in before November 1st and keep bank details updated.