The Canada Workers Benefit is a refundable tax credit provided by the federal government to lower income Canadians who have “earned working income” during the year. The credit of up to $1,428 for single workers and up to $2,461 for a family is based on family size and annual income amounts. It is currently claimed on the annual tax return and paid as part of the tax return assessment process.
In the recent Federal Economic Statement, the Minister of Finance announced that, beginning in July 2023, the CWB will be paid in advance, three times a year. The first such advance payment will be automatically paid in that month to any individual who qualified for the CWB in the previous year. The amount paid will be the minimum CWB entitlement, and any additional benefit amounts to which the individual is entitled will be paid when the tax return for the year is filed.
Details of the Canada Workers Benefit program, including eligibility requirements, can be found on the federal government website at Canada workers benefit – Overview – Canada.ca. The announcement of the new benefit payment schedule is available on the Finance Canada website at https://www.budget.gc.ca/fes-eea/2022/home-accueil-en.html.
If you would like to know more about which benefits you may be applicable for, please feel free to call us at (905) 305-9722 or email us at info@eigenmachtcrackower.com and we will help you out!
