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9 CRA benefits Canadians can take advantage of in 2024: A Comprehensive Guide

Armed with the mandate of administering taxes, benefits and related programs in consultation with the Governments across Canada, The Canadian Revenue Agency (CRA) aims to contribute to the overall well-being of Canadian citizens.
There are many benefits that CRA offers that Canadians can avail of in 2024. Let us take you through a few of them:

Canada Child Benefit (CCB):
Raising children can be a costly affair, and the CRA does its bit through the Canada Child Benefit Program. The Canadian Child Benefit is a monthly, tax-free payment provided to qualifying families to assist with the financial responsibility of raising children, particularly those under the age of 18. Child disability benefits and any related provincial or territorial programs are also usually included in the Canadian Child benefits. To claim child benefits, one has to be living with and primarily responsible for all the upbringing-related expenses of a child who is under 18 years of age. Please note that child benefits are not allowed for foster children.

GST/HST Credit:
Whenever you file your taxes, you are considered for GST/HST credit. The Goods and Services Tax (GST) or Harmonized Sales Tax (HST) is a tax system that aims to assist people and families with low incomes by providing them with tax relief.

Canada Workers Benefit:
The Canada Workers Benefit works on similar lines as the GST/HST Credit and is intended to help both individuals and families who have low levels of income.This program is created to assist individuals in managing the impact of inflation and the expenses of daily life. It is a tax credit that can be refunded and consists of two parts: the fundamental sum and the disability supplement. Each part has specific requirements for qualification.

Canada Carbon Rebate:
This Carbon rebate is a tax-free amount given to both individuals and families to help tackle the cost of pollution pricing. The Canadian Carbon Rebate has a rural supplement of 10% of the base amount for small and rural communities, which is likely to go up to 20% from April 2024.

Child disability benefit:
This is typically a component of the Canadian Child Benefit, which is a monthly payment that is tax-free and made to families. Suppose there is a child who is under the age of 18 and is suffering from a severe prolonged impairment in their physical or mental abilities. In that case, the family can apply for a child disability benefit. This form for applying for a child disability benefit can be submitted anytime throughout the year.

Canada Caregiver Credit:
A non-refundable tax credit is offered to Canadians who provide financial support to their spouse, common-law partner, or a dependent with a physical or mental impairment. The term “dependent” is broadly defined. It includes individuals who rely on a Canadian citizen to provide them with the basic requirements needed to sustain a life, such as food, accommodation, and clothes to wear.

Canada training credit:
Wherever Canadians are eligible for training fees, a refundable tax credit in the form of a Canada training credit is available. As long as the tuition and relevant fees are eligible for the tuition tax credit, this is a benefit that can be claimed.

Home accessibility tax credit:
If you are either a qualifying individual or an eligible individual claiming on behalf of an eligible individual, you can claim expenses for renovating a house. Here, a house refers to an eligible dwelling, and eligible expenses may include the cost of the materials required for building, the fixtures, the rental costs incurred for the equipment, and the necessary plans and permits. This is quite a detailed tax credit and has a list of eligible criteria to be met before claiming the benefits.

Children’s special allowances:
Unlike most payments which are made to individuals or families, this allowance is meant for federal, provincial, and territorial agencies and institutions. Such institutions are usually involved in caring for children.

Disability Tax Credit:
It is a non-refundable tax credit intended for disabled people or their caregivers and is aimed at reducing their tax burden.

Conclusion:
It can be seen from the above list of benefits that though earning significant revenue through the payment of taxes is a requisite for ensuring economic development, the Canadian Government has adopted a balanced method of reaching out to the vulnerable sections of society, especially people with disabilities, the caregivers and the families who have dependent members. There are multiple tools available online which require you to enter some information and help you assess the CRA benefits that you are eligible for.

There are other significant tax saving methods where one can invest their hard-earned money into future savings and also avail tax benefits. Hence, it would be safe to conclude by saying that no matter which section of society you belong to, the CRA definitely has your welfare at heart and strives to provide the maximum tax benefit possible. One needs to keep an eye open to apply for the right benefits and utilize the available benefits to the maximum possible extent.

FAQ’s:

What are the benefits that CRA delivers?
Depending on the type of benefit program, the eligibility criteria, and the payment dates, whether monthly or quarterly, child benefits, pension benefits, disabled benefits, housing benefits, and workers’ benefits are delivered through the CRA. Virtually every sector is attempting to be covered under tax-free benefits.

Is there a resource or tool that can assist me in identifying the benefits for which I am eligible?
Yes, the Benefits Finder Tool can help you in it. It operates by asking a few questions and, based on your answers, comes up with the benefits that you are eligible for. It may be noted that the Benefits Finder Tool claims not to save, collect, or track the information you provide.

Are all benefits paid on the same date?
Depending on the benefit, some benefits are paid out monthly, while some are paid on a quarterly basis.

How is a benefit payment made?
If you have set up a direct deposit, the amount will be credited to the bank account directly. One can also opt to receive the benefit payment through cheque, which may take a longer period to encash.

John Smith

John Smith

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