Come January, many households may be trying to patch up their household budget after spending during the Christmas holidays, however, there are several payments from the Federal government as well as provincial government which may ease the burden.

GST/HST credit

On January 5, 2024, the GST rebate will be sent out to all those that are eligible. 

"The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment that helps individuals and families with low and modest incomes offset the GST or HST that they pay," The Canada Revenue Agency (CRA) stated on its website. 

The CRA underlined that the credit may also include payments from provincial and territorial programs.

You are automatically considered for the GST/HST credit when you file your taxes.

Canada Child Benefit (CCB)

On January 19, 2024, those who are eligible will also receive the CCB. Other payment dates for the benefit include: 

  • February 20, 2024
  • March 20, 2024
  • April 19, 2024
  • May 17, 2024
  • June 20, 2024
  • July 19, 2024
  • August 20, 2024
  • September 20, 2024
  • October 18, 2024
  • November 20, 2024
  • December 13, 2024

The CCB is available to those who meet all of the following criteria:

  • You live with a child who is under 18 years of age
  • You are primarily responsible for the care and upbringing of the child
  • You are a resident of Canada for tax purposes
  • You or your spouse or common-law partner must be any of the following:
    • a Canadian citizen
    • a permanent resident
    • a protected person
    • a temporary resident who has lived in Canada for the previous 18 months, and who has a valid permit in the 19th month other than one that states "does not confer status" or "does not confer temporary resident status"
    • an individual who is registered, or entitled to be registered under the Indian Act

"You cannot get the Canada child benefit (CCB) for a foster child for any month in which Children's special allowances (CSA) are payable," the CRA underlined

Alberta child and family benefit (provincial)

While the Alberta Child and Family Benefit (ACFB) is a provincial, tax-free amount paid to families that have children under 18 years of age within Alberta, these payments won't distributed until February.

"ACFB payments are made separately from the CCB payments and issued in August, November, February and May," CRA added.

Amounts paid from June 2023 till June 2024 include: 

  • $1,410 ($117.50 per month) for the first child
  • $705 ($58.75 per month) for the second child
  • $705 ($58.75 per month) for the third child
  • $705 ($58.75 per month) for the fourth child

"The benefit is reduced as family income exceeds $25,935. If your adjusted family net income is between $25,935 and $43,460, you may receive a partial benefit."

In addition, families with a working income of more than $2,760 may be entitled to receive the working income component of:

  • $722 ($60.16 per month) for the first child
  • $657 ($54.75 per month) for the second child
  • $393 ($32.75 per month) for the third child
  • $130 ($10.83 per month) for the fourth child

The amount is reduced if your adjusted family net income is more than $43,460.

The Canada Workers Benefit (CWB) 

You can claim the Canada Workers Benefit (CWB) is a federal to help individuals and families who are working and earning a low income. The 2024 payment will be made on January 12. 

Climate action incentive payment

Albertans can expect an annual credit of:

  • $772 for an individual
  • $386 for a spouse or common-law partner
  • $193 per child under 19
  • $386 for the first child in a single-parent family

The CAIP payments are sent out on January 15, 2024, and then the remainder of the 2024 payments will be made in April, July, and October.

However, with all these benefits, there are tax hikes that may affect one's income.

Employment Insurance premium rates going up 

A September 2023 news release by the Government of Canada, underlined that there will be a small increase to the employment insurance rate.

"The rate is set at $1.66 per $100 of insurable earnings for employees and $2.32 for employers who pay 1.4 times the employee rate. This represents a three-cent increase from the 2023 EI premium rate of $1.63 for employees and $2.28 for employers," the release explained.

The release also stated that there will be an increase in what is called Maximum Insurable Earnings (MIE).

"Workers and employers pay EI premiums on insurable employment income. Those premiums are paid up to an income threshold, which is the MIE. This threshold also determines the maximum weekly benefit rate in a calendar year."

The MIE for 2024 is $63,200. This is an increase from $61,500 in 2023.

Canada Pension Plan (CPP) maximum pensionable earnings increasing

The Government of Canada has stated that the, 'maximum pensionable earnings under the Canada Pension Plan (CPP) will be $68,500.'

This is an increase from $66,600 in 2023. The basic exemption amount for 2024 remains at $3,500.

"Starting in 2024, a higher, second earnings ceiling of $73,200 will be implemented and used to determine second additional CPP contributions (CPP2). As a result, pensionable earnings between $68,500 and $73,200 are subject to CPP2 contributions. These new ceilings were calculated by the CPP legislation and take into account the growth in average weekly wages and salaries in Canada," the CRA stated. 

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