The Canada Revenue Agency (CRA) is scheduled to release the next round of the Advanced Canada Workers Benefit (ACWB) payments on October 11, 2024. This payment aims to provide financial relief to low-income workers and their families across Canada.
According to Immigration News Canada, this payment is part of the broader Canada Workers Benefit (CWB) program, which helps individuals increase their income and manage the rising cost of living.
What is the Advanced Canada Workers Benefit?
The ACWB is a program designed to support low-income workers by allowing them to receive part of their Canada Workers Benefit (CWB) in advance, rather than waiting until tax season. Eligible recipients can access up to 50% of their CWB amount through three payments spread across the year, offering crucial financial support when it’s needed most.
For the 2024 benefit year, the payment schedule includes:
July 12, 2024 (already issued)
October 11, 2024
January 10, 2025 (upcoming)
Canada Workers Benefit (CWB) and the Disability Supplement
The Canada Workers Benefit consists of two main components: the basic CWB and a disability supplement.
Basic CWB: The amount is calculated based on adjusted net income and family status. Single individuals with an income of $24,975 or less can receive a maximum benefit of $1,518 annually, while families with an income of $28,494 or less can qualify for up to $2,616. The benefit amount decreases as income rises, phasing out completely at $35,095 for individuals and $45,934 for families.
Disability Supplement: For those eligible for the disability tax credit, an additional supplement of up to $784 is available. Single individuals with an income of $35,098 or less, and families with a combined income of $40,325 or less, are eligible for this supplement. If both partners qualify, the total family income must be $56,386 or lower to receive the benefit.
Eligibility for the Advanced Canada Workers Benefit
To qualify for the ACWB, individuals must meet certain criteria, including:
Income: You must have earned income below the limit set for your province or territory.
Age: You must be at least 19 years old by December 31 or live with a spouse, common-law partner, or child.
Residency: You must have been a Canadian resident for the entire year.
However, individuals who were incarcerated for part of the year, full-time students without dependents for over 13 weeks, or do not pay taxes in Canada due to diplomatic status are not eligible.
Maximizing Your ACWB Benefits
To ensure timely receipt of ACWB payments, Immigration News Canada suggests:
Filing Taxes Early: The CRA determines eligibility based on tax returns, so early filing can speed up payment processing.
Using Direct Deposit: Opting for direct deposit helps avoid delays in receiving payments.
Tracking Payment Dates: Staying informed about payment schedules ensures you know when to expect funds.
Checking Eligibility: Reviewing your income and residency status annually will help maintain eligibility.
Important Dates to Remember
The upcoming ACWB payment dates are as follows:
October 11, 2024
January 10, 2025
These payments represent up to 50% of the total CWB benefit for the year. While most recipients will receive payments on time, it can take up to 10 business days for the funds to appear in bank accounts, depending on the financial institution and direct deposit enrollment.
How to Apply for the ACWB
No separate application is required for the ACWB. The CRA automatically assesses eligibility based on income tax returns. Once eligible, the CRA calculates the benefit and begins issuing payments. Filing taxes before November 1 of the benefit period and keeping banking information updated will help ensure timely payments.
