Tax Tip Thursday

We have some payments coming out this week and a lot of people are going to be happy about them.

They have all been distributed, or will be coming out this week. So keep an eye on your bank account! For some people that are not registered for direct deposit, it may take another week or so for the cheques to get to you in the mail. Yet another reason to get registered in my opinion.

Climate Action Incentive

The Ontario program provides an annual credit of :

• $488 for an individual
• $244 for a spouse or common-law partner
• $122 per child under 19
• $244 for the first child in a single-parent family

Advanced Workers Benefit

The maximum basic amount for the CWB is:

• $1,428 for single individuals:

The amount is gradually reduced if your adjusted net income is more than $23,495. No basic amount is paid if your adjusted net income is more than $33,015.

• $2,461 for families:

The amount is gradually reduced if your adjusted family net income is more than $26,805. No basic amount is paid if your adjusted family net income is more than $43,212.

GST/HST credit payments

For the 2022 base year (payment period from July 2023 to June 2024), you could get up to:

• $496 if you are single
• $650 if you are married or have a common-law partner
• $171 for each child under the age of 19

All of those amounts represent annual amounts, so you will be getting ¼ with the most recent payment.

Missing a Payment?

If you did not receive them for some reason, you should check your MYCRA account. You will not be eligible if you did not file a tax return!

If you’re behind on your returns and would like your CAI and GST credits, Make an Appointment today and we can get started on catching you up on your taxes.

Disclaimer:

This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal or tax advice nor can it or should it be relied upon. All tax situations are specific to each individual. If you have specific tax questions you should book an appointment for a 1 on 1 consultation.