In December 2024, the Canadian government will roll out a one-time $928 Low-Income Canada Deposit to support individuals and families facing financial struggles due to rising living costs, inflation, and unexpected expenses. This deposit is part of ongoing efforts to assist low-income Canadians with their basic needs such as food, housing, and utilities. Below, we break down the essential details, eligibility criteria, how to apply, and additional related benefits you may qualify for.
What is the $928 Low-Income Canada Deposit?
The $928 Low-Income Canada Deposit is a government initiative designed to provide financial relief for Canadians struggling with everyday expenses. Whether it’s covering rent, groceries, or energy bills, this deposit aims to ease the financial burden of low-income individuals and families. The payment is expected to be delivered in December 2024 and is part of the broader Canada Workers Benefit (CWB), GST/HST Credit, or similar programs aimed at supporting those in need.
Eligibility for the $928 Low-Income Canada Deposit
To qualify for the $928 Low-Income Canada Deposit, you must meet several eligibility requirements:
- Income Level: The most important factor is your income. Low-income individuals or families generally qualify, and the income thresholds differ based on family size. For instance, a single individual earning under $25,000, or a family of four earning below $37,000, may qualify. These figures can vary annually, so it’s crucial to stay updated with Canada Revenue Agency (CRA) guidelines.
- Family Size: Larger families tend to qualify for higher amounts of assistance. A single parent with two children, for example, may be eligible for more financial aid compared to a single person.
- Residency Status: You must be a Canadian citizen or permanent resident residing in Canada. Non-residents and temporary residents typically do not qualify.
- Tax Filing Status: One key requirement for qualifying for the Canada Workers Benefit (CWB) and GST/HST Credit is that you must file your taxes with the CRA, regardless of whether you have a high or low income.
Programs That Could Be Part of the $928 Deposit
This deposit may be tied to various government programs, such as:
- Canada Workers Benefit (CWB):
A refundable tax credit for low-income workers. For instance, a single person earning under $25,000 might receive up to $1,400. Families with children can receive even higher amounts depending on their income. - GST/HST Credit:
A tax-free, quarterly payment helping low-income Canadians offset sales taxes. Eligible individuals and families could receive annual payments of up to $450, depending on their income and family size. - Provincial Benefits:
Many provinces have their own support programs. For example, Ontario offers the Ontario Trillium Benefit (OTB), while Quebec has the Solidarity Tax Credit. These provincial programs could provide extra financial assistance alongside federal benefits. - Social Assistance Programs:
Provincial programs like Ontario Works (OW), Alberta Works, and Income Assistance in British Columbia provide financial support to those unable to work, potentially adding to the total amount of support you receive.
How to Apply for the Low-Income Canada Deposit
Here’s how to ensure you’re eligible for the $928 Low-Income Canada Deposit:
- File Your Taxes:
File your tax return with the CRA to be considered for any government benefits, including the Canada Workers Benefit (CWB) and GST/HST Credit. - Update Your Information:
Make sure your personal details, income, and family size are accurate and up to date with the CRA. - Confirm Your Eligibility:
Review the eligibility criteria to confirm you meet the income and residency requirements. You can use the CRA’s online tool or consult a tax professional for assistance. - Check Payment Dates:
The $928 deposit will likely be issued in December 2024. Keep an eye on CRA notifications for exact dates. - Stay Informed:
The CRA will notify eligible individuals about their payments through their CRA MyAccount or by mail. Be sure to check these notifications regularly.
How Much Will You Receive?
While the standard amount for most eligible individuals is $928, the total financial aid may vary based on your income, family size, and eligibility for other benefits like the Canada Workers Benefit (CWB) or GST/HST Credit.
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For example, a single person with an income of $22,000 could qualify for both the CWB and GST/HST Credit, potentially increasing their total annual support to over $1,200.
Practical Example
Let’s consider Lisa, a single mother with two children, earning $27,000 a year. Having filed her taxes with the CRA, she qualifies for the $928 Low-Income Canada Deposit. In addition, she may also be eligible for extra benefits such as the Canada Workers Benefit and GST/HST Credit, further increasing the support she receives.
Frequently Asked Questions (FAQs)
- When will I receive the $928 deposit? The payment is expected in December 2024, but the exact date will be confirmed by the CRA. Check your CRA MyAccount for updates.
- Do I need to apply for the $928 Low-Income Deposit? No. The CRA will automatically determine your eligibility based on your tax filings.
- Can I receive the $928 deposit if I’m on social assistance? Yes, as long as you meet the income requirements and are eligible for other benefits like the GST/HST Credit or provincial programs.
- What if I miss the deadline to file my taxes? Missing the tax filing deadline may affect your eligibility for the deposit. Be sure to file on time.
- How much financial aid will I get? The deposit is usually $928, but additional benefits, like the Canada Workers Benefit or GST/HST Credit, may increase your total financial assistance.
This initiative is designed to provide essential financial support to eligible Canadians, helping to ease the burden of rising costs. Ensure you meet the eligibility criteria, file your taxes on time, and stay updated with CRA notifications for maximum benefit.