Who is qualified to receive the benefit?
Starting January 12, 2024, eligible Canadians are set to receive a new payment known as the Advanced Canada Workers Benefit (ACWB) from the Canada Revenue Agency (CRA).
The ACWB aims to provide financial support to qualified workers and their families with lower incomes.
Based on income levels, single workers who qualify can receive support of up to $1,518, while families may receive up to $2,616.
These payments are divided into three quarterly Canada Workers Benefit payments.
Those who are qualified for the Canada Workers Benefit will receive three main quarterly benefit payments, amounting to 50% of their CWB in advanced payments under the Advanced Canada Workers Benefit (ACWB).
To qualify, individuals must be a resident of Canada at the beginning of the quarter.
The ACWB issued its initial quarterly payment on July 28, followed by the second payment on October 12. The upcoming third ACWB payment is scheduled for January 12, 2024.
To quality for the Basic Canada Workers Benefit Payment, an individual must meet these criteria: You either live with your spouse, common-law partner, kid, or yourself, or you are 19 years of age or older as of December 31, 2022; and if you have a job and earn money, but in 2022 your net annual income was less than the following:
To qualify for the CWB disability payment, you must satisfy the following conditions: You have an approved Form T2201, Disability Tax Credit Certificate, on file with the CRA and are eligible for the disability tax credit; and in 2022, your net annual income was less than the sum indicated below.
