Payments for the Canada Workers Benefit arriving sooner—find out why – Discover the perfect home in vibrant Langley, British Columbia!

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Payments for the Canada Workers Benefit arriving sooner—find out why – Discover the perfect home in vibrant Langley, British Columbia!

The CRA is now taking a different approach: It will make three advance payments—the first one on July 28, 2023—to anyone who received the CWB in 2022, no application needed. Together, these quarterly payments, called the Advanced Canada Workers Benefit (ACWB), will equal 50% of the CWB amount eligible Canadians received based on their income for the 2022 tax year. With this change in place, those receiving the payments won’t have to wait until 2024 for the 2023 CWB money.

“The Canada Workers Benefit tops-up the income of up to 4.2 million hardworking Canadians—because no one working full-time should be struggling to put food on the table or to pay their rent,” Chrystia Freeland, deputy prime minister and finance minister, stated in a government news release issued July 27. “With the first quarterly Canada Workers Benefit payments going out tomorrow, we’re delivering important support to some of our lowest-paid and often most essential workers at a time when they need it most.”

The legislation to implement these automatic advance CWB payments, Bill C-47, received royal assent on June 22, 2023. The bill also included several other commitments from the federal 2023 budget, such as the implementation of the Canadian Dental Care Plan (CDCP), increasing the withdrawal limits for registered education savings plans (RESPs), and cracking down on predatory lending and house flipping. (The federal grocery rebate issued on July 5 was also part of the 2023 federal budget.)

What is the Canada Workers Benefit?

The Canada Workers Benefit (CWB) is a refundable tax credit, indexed to inflation each year, that helps individuals and families who are working and earning a low income. Eligibility is determined by the CRA based on your previous year’s tax return.

How much is the Canada Workers Benefit?

For 2023–24, the Canada Workers Benefit will provide up to $1,518 in total for eligible single workers and up to $2,616 total for an eligible family (6.3% more than 2022 entitlements), according to the government’s news release. The CWB amount gradually decreases with higher adjusted net income.

The CWB disability supplement for 2023–24 is up to $784. If you received the disability supplement in 2022, half of your 2023–24 supplement will be distributed as part of the new advance payments. (See “Canada Workers Benefit eligibility,” below, for details.)

When are advance Canada Workers Benefit payments coming?

The first advance CWB payment was sent to recipients on July 28, 2023. The remaining two advance payments are coming on Oct. 12, 2023, and Jan. 12, 2024, and you will receive one more payment after you file your 2023 tax return. 

If you received the CWB in 2022, you don’t need to apply for the advance payments—you’ll receive them automatically. If you also qualify for the CWB disability supplement (more on that below), you’ll receive 50% of that as part of the advance payments, as well.

Payments for the Canada Workers Benefit arriving sooner—find out why – Real estate sales in Langley

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