The Government of Canada is extending a handful of federal benefits and credits to eligible Canadians throughout 2024 the Canada Workers Benefit (CWB) included.
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.
On November 4, the Government of Canada unveiled proposed changes to the Canada Workers Benefit (CWB) as part of its 2022 Fall Economic Statement. The measure would mean eligible single Canadians and families receive their CWB payments in advance of the regular payment dates.
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.
As part of its new Affordability Plan, the federal government has announced changes to the Canada Workers Benefit (CWB), which could impact as many as three million Canadians. On June 16, the Department of Finance confirmed that the benefit would be enhanced in 2022 with new support for low-income individuals and families who are working.