This article highlights various financial assistance programs available to Canadians struggling with the rising cost of living. It discusses the Canada Workers Benefit, child tax payments, and the Family Benefit, outlining eligibility criteria and recent increases.
With high grocery prices, housing costs, and a generally soaring cost of living, money is tight for everyday Canadians. Food bank usage has hit record highs, and heightening unemployment makes a challenging situation even more difficult for many individuals and families.Canadians are already taking advantage of the federal holiday tax break until February 15 — here's a list of things the tax break applies to.
GST credits dropped earlier this month, and there are still many opportunities to receive money from the federal and provincial governments in January 2025. The Canada Workers Benefit (CWB) is granted to those entitled to the Canada Workers Benefit (CWB) on their income tax returns. It’s an advance payment of up to 50 per cent of the CWB granted across three payments throughout the year.You're a resident of Canada throughout the year, and The maximum basic benefit for the CWB is $1,518 for single individuals; meanwhile, families can earn up to $2,616. The maximum disability supplement amount is $784 for individuals and families, based on adjusted net income.Canadian parents eligible to receive child tax payments can expect the money to arrive in their accounts on January 20. Child tax payments increased by 4.7 per cent in the summer of 2024. This means the maximum benefit for children under six increased by $350, from $7,437 to $7,787. For children aged six to 17, it increased by $295, from $6,275 to $6,570. Another much-needed federal child tax booster will come to all eligible Canadian parents in six months when the new benefit year begins.The 25 per cent bonus on the Family Benefit kicked in in July 2024 and will apply until June 2025. The benefit is paid monthly to about 340,000 families with children in the province via direct deposit or mailed cheques. Eligible residents may receive a total annual amount of $2,188 for their first child, $1,375 for their second child, and $1,125 for each additional child until June 202
SOCIAL ISSUES CANADA ECONOMY COST OF LIVING FINANCIAL ASSISTANCE GOVERNMENT BENEFITS
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