Government of Canada has takin initiative of providing financial assistance to low-income workers named Canada Workers Benefit (CWB). Individuals and families with low working earnings are intended to benefit financially from this refundable tax credit. To get complete benefit of CWB the knowledge of CWB payment dates is very pivotal and how these payments are delivered to you. Eligibility criteria, Amount of Payments and Dates of Payments are discussed in this article.
Canada Workers Benefit (CWB)?
A federal program named as Canada Work Benefit is intended for providing financial support to the families of low-income holders. Previously workers were receiving Working Income Tax Benefit, but now this program will cover this benefit also along with additional disability credit so these families can get relief. “CWB payments dates” is extremely information for this program so candidate can receive his/her benefit on time. Keep your focus in this article to get all the details.
Who is Eligible for the CWB?
Candidate must meet several eligibility conditions to get eligible for the CWB benefit. Candidate’s income, situation of family, status of residency will decide whether the candidate will receive basic payment or additional disability credit.
CWB Eligibility Criteria
You are eligible for the basic amount of the CWB if:
- You have a working income, but your net income is less than what your province or territory has determined.
- You have residence in Canada for a year.
- Your age must be at least 19 years by 31st of December or you live with your spouse, common-law partner, or child.
- Unless you have an eligible dependent by December 31, you have been enrolled full-time for more than 13 weeks.
- Throughout the year, you spend 90 days or more in imprisonment.
- Because you are a diplomat or hold a comparable post, you are exempt from paying taxes in Canada.
Eligible Spouse
The eligibility requirements for spouse or common-law partner are as follows:
- Your spouse must have Canadian Residency for a year and currently living with you up to 31st of December.
- If your spouse has been enrolled full-time for more than 13 weeks or has spent 90 days or more in imprisonment throughout year, then they will not be eligible.
Eligible Dependent
Your child or your spouse’s child under the age of 19 who was residing with you on December 31 is considered an eligible dependent. The CWB itself is not available to dependents. But you can receive enough CWB benefits that you can support your dependents.
How Much Can You Receive from the CWB?
The amount of CWB payment will depend on your family situation, income level, and residency status. CWB payments are comprised of two components: the basic benefit and the disability supplement.
Maximum Basic Benefit Amount
- The maximum amount for single individuals is $1,518. If your adjusted net income is more than $24,975, this amount goes down, and if it is more than $35,095 it phases out entirely.
- The maximum amount for families is $2,616. When the family’s adjusted net income surpasses $28,494, this amount starts to decline and eventually stops at $45,934.
Quebec, Nunavut, or Alberta, have distinct income limitations so exact amount of CWB payments may be different from exact amount.
Disability Supplement
Individuals eligible for disability tax credit can receive this credit.
- The maximum disability supplement for single people is $784; this is phased out completely by $40,325 and is lowered if your adjusted net income is more than $35,098.
- The disability supplement is still $784 for families, but it is less at higher income levels. Families with one or more members who qualify for the disability tax credit have higher maximum family income thresholds.
When Are CWB Payment Dates?
Information regarding CWB payment dates is here. Qualified candidates of CWB program cab receive 50% of their annual payment in advanced payments. This scheme is named as Advanced Canada Workers Benefit (ACWB).
Advance CWB Payment Dates
The processing of advanced CWB by CRA starts on following dates.
- July 12
- October 11
- January 10
In case of weekend or national holiday, processing of payments occurs on last business day before specified date. The CRA recommends postponing contacting them for an additional 10 working days if your payment is not received by the anticipated date. Your income tax return and benefit return must be filed before 1st of November. After complete analysis of your tax return file and deposited payments, CRA will deliver your payments automatically.
Calculation of CWB Payments
Your Martial status, province of residence, earned working income and adjusted family net income, your eligible dependents, and eligibility for disability benefit collectively decide actual amount CWB and ACWB payments.
Procedure to Claim CWB
You must file your taxes on paper or electronically in order to be eligible for the CWB. Follow the instructions in your tax software if you file electronically. Make sure you finish and submit Schedule 6, Canada Workers Benefit, if you’re filing a paper return. You should submit claims for both the basic amount and the disability supplement if you qualify for them. Only one spouse may claim the basic amount of the disability credit in a family where both spouses are eligible.
Check out also: Canada Pro Deposit: All you need to know
Life Changes and ACWB
Some life events may change your eligibility for advanced payments. These include:
You are not eligible for any further payments during the benefit year if you are incarcerated for 90 days or longer. You won’t be eligible for any more advance payments if you relocate outside of Canada.
Conclusion
Working as regular employees requires hard work, dedication and commitment. Usually, employees on lower ranks of company or labors suffer a lot to manage daily and monthly expenses. And this leads to failure in managing the budget. Keeping in mind the welfare of low-income workers who work hard but do not get enough amount to cope with expenditures the Government of Canada initiated Canada Workers Benefit program. This scheme offers $1,518 to single individuals and $2,616 for families but with specific conditions of income threshold. The date of processing CWB payments for the month of October is 11th October 2024. Stay informed about the latest updates regarding Canada Workers Benefit.