The federal and provincial governments provide eligible taxpayers with a range of refundable tax credits and benefit amounts. Such benefits are generally paid on a monthly or quarterly basis and are received tax-free by the recipient.
Benefits could include, but are not limited to:
- Goods and services tax/Harmonized sales tax (GST/HST) credit
- Canada child benefit
- Canada caregiver credit
- Canada workers benefit
- Canada training credit
- Home accessibility tax credit
- Disability tax credit
- Child disability benefit
- Medical expense tax credit
- Northern residents deductions
In most cases, eligibility for a particular benefit and the amount of benefit receivable is based on individual and family income for the previous year, with benefit years running from July 1 to June 30. A new benefit year will begin on July 1, 2024, with eligibility for and the amount of benefits receivable for that year based on income reported on the income tax return filed for the 2023 tax year.
To get the benefits and credits you may be eligible for, you need to do your taxes each year. Even if you have little to no income, you should still file your tax return because you could get money back.
Individuals who have not yet filed a return for 2023 may see an interruption in their benefit payments; however, once a return is filed, benefit payments for eligible taxpayers will resume.
If you would like help with dealing with the CRA or would like to know more about taxable benefits, please feel free to call us at (905) 305-9722 or email us at info@eigenmachtcrackower.com and we will help you out!
