Amidst the escalating economic challenges, the Government of Canada offers a range of federal benefits and credits to provide support, particularly for families facing financial strain. The Canada Workers Benefit (CWB) stands as a refundable tax credit designed to assist individuals and families with low incomes who are actively employed.
Canada's new extra GST credit payment is rolling out in the near future like, next week near and if you've been eligible in the past, it's worth checking if you'll benefit from this extra boost. The doubling is part of Bill C-30, the Cost of Living Relief Act, which was approved earlier in October.
Two provinces in Canada are giving residents one-time payments of $500 to help address the high cost of living, and there aren't many eligibility requirements to receive it.
On June 16, 2022, Canada's Department of Finance shared a press release stating that they will be making changes to the Canada Workers Benefit. The enhanced Canada Workers Benefit comes as part of the federal government's new Affordability Plan, which aims to "make life more affordable for millions of Canadians," particularly as inflation rates continue to rise in Canada. This new change will allow eligible workers to get up to $1,200 more in financial support this year, with eligible couples being able to receive an extra $2,400, the government shared.
The federal government updated the Canada Workers Benefit (CWB) back in 2021 and today, over three million Canadians are now eligible for the refundable tax credit. The Canada Workers Benefit has been set in place to help supplement the earnings of low-income Canadians. For Canadian families who are eligible, you could receive up to $2,400, whereas single individuals who qualify can expect a maximum amount of $1,400.