Some residents may get a much-needed injection of money in the coming weeks and months from both the provincial and federal governments.
The Canada Child Benefit (CCB) is a federal tax-free monthly payment that is available to eligible families. The last two payments for 2023 are slated to be paid out on November 20 as well as December 13. Some families may be eligible for up to $619.75 per month, per child.
However, payments will vary and according to the Canada Revenue Agency, 'every month of the benefit year (July to June of the following year), CCB payments are adjusted based on the number of children in one's care, the age of the children, as well as the adjusted family net income (AFNI), as reported in last year's tax return.'
"If your AFNI is under $34,863, you get the maximum amount for each child. It will not be reduced," the CRA added.
The following amounts are for the payment period from July 2023 to June 2024 and are based on one's AFNI from 2022. The maximum CCB for each child is as follows:
- Under 6 years of age: $7,437 per year ($619.75 per month)
- 6 to 17 years of age: $6,275 per year ($522.91 per month)
There is also the provincial Alberta Child and Family Benefit (ACFB). According to the province, this benefit, 'is a tax-free amount paid to families that have children under 18 years of age.'
However, it is important to note that the ACFB program is administered by the Canada Revenue Agency (CRA) on Alberta's behalf, which means that these payments will be mailed or directly deposited by the CRA.
"ACFB payments are made separately from the CCB. Payments and issued in August, November, February and May."
There are 4 instalment payments in the year, the last for 2023, which will be made on November 27.
The CRA lists the following amounts that residents may be eligible for, from July 2023 to June 2024:
- $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 province is also reminding those who are eligible that if one receives Assured Income for the Severely Handicapped (AISH), Income Support or the Alberta child care subsidy, they are still eligible for ACFB payments.
"Receiving the ACFB will not affect the benefits you receive under these programs," the province's website states.
Another federal benefit that will be coming to some residents is the federal Advanced Canada Worker’s Benefit (ACWB). However, this benefit will not be paid until the new year, come January 12, 2024.
"The CWB has two parts: a basic amount and a disability supplement," The Government of Canada's website stated. "This initiative puts more money in the workers' pockets to help cope with the rising cost of living. Anyone who received the CWB in 2022 will receive the advanced payments, there is no need to apply."
The maximum basic amount for the CWB is $1,428 for single individuals.
"The amount is gradually reduced if your adjusted net income is more than $23,495. No basic amount is paid if your adjusted net income is more than $33,015."
Families can receive up to $2,461.
"The amount is gradually reduced if your adjusted family net income is more than $26,805. No basic amount is paid if your adjusted family net income is more than $43,212."
The maximum basic CWB amount will vary for residents of Quebec, Nunavut and Alberta. The maximum amount for the disability supplement is $737 for single individuals.
"The CWB disability supplement is gradually reduced if your adjusted net income is more than $33,018. No disability supplement is paid if your adjusted net income is more than $37,932."
Families will receive $737. However, The CWB disability supplement is gradually reduced if your adjusted family net income is more than $43,210.
Also, come January 2024, the Climate Action Incentive payment (CAIP) is slated to be paid out on January 15.
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