As December 2024 approaches, the Canadian government is rolling out a one-time $928 payment to support low-income families and individuals.
This initiative aims to ease financial burdens during a time of rising costs in essentials like housing, groceries, and utilities. Here’s a comprehensive guide to help you determine if you’re eligible, when to expect the payment, and how to ensure you receive it.
Why the $928 Payment Matters
Canada’s inflation rates have significantly impacted everyday expenses, with food prices up by over 7% and housing costs continuing to climb. This payment offers immediate relief, especially during the holiday season when financial pressures tend to peak.
The $928 payment is part of the government’s broader strategy to support households during challenging economic conditions.
Who Is Eligible for the $928 Payment?
Eligibility criteria are aimed at low-income households. While specific thresholds are expected to be announced, based on similar programs, the following are likely requirements:
| Criteria | Details |
|---|---|
| Income Threshold | Individuals earning under $25,000; families earning under $50,000. |
| Tax Compliance | You must have filed your 2023 taxes. |
| Residency | You must be a Canadian resident. |
| Existing Benefits | Those receiving income-based benefits like the GST/HST credit or Canada Child Benefit may be prioritized. |
How to Check Your Eligibility
- Log into CRA My Account: Use your My CRA Account to verify income and benefit records.
- Confirm Tax Filing Status: Ensure you’ve filed taxes for 2023.
- Review Notifications: The Canada Revenue Agency (CRA) may notify eligible recipients directly.
Pro Tip: Filing your taxes is essential—even if you have no income. It ensures you’re considered for this and other benefits.
Payment Timeline and Method
The government plans to begin issuing payments in December 2024, but exact dates will vary based on your payment method:
- Direct Deposit: Payments may arrive faster if your banking details are up to date in your CRA account.
- Mailed Cheques: Delivery times may vary depending on your location.
Steps to Avoid Delays:
- Verify your banking information in your CRA account for direct deposit.
- Update your mailing address to ensure cheque delivery if direct deposit is not set up.
How to Apply for the $928 Payment
For most eligible recipients, no application is required as the CRA will automatically assess eligibility. However, if you’re not already registered for CRA benefits, follow these steps:
- File Your Taxes: Ensure your 2023 taxes are filed, even if you have no income.
- Register for a CRA Account: Create or log into your CRA My Account at CRA Login.
- Update Personal Information:
- Confirm income details.
- Add dependents if applicable.
- Verify your address and banking details.
Complementary Financial Assistance Programs
The $928 payment is a one-time initiative, but other ongoing programs can provide additional support:
1. Canada Child Benefit (CCB)
- Details: Monthly payments for families with children under 18.
- Eligibility: Based on family income; families earning less than $120,000 annually typically qualify.
- Application: Assessed automatically through tax filings.
2. GST/HST Credit
- Details: Quarterly payments to offset GST/HST costs for low-income Canadians.
- Eligibility: Based on income; automatically assessed if taxes are filed.
- Payment Schedule: Issued in January, April, July, and October.
3. Guaranteed Income Supplement (GIS)
- Details: Additional monthly payments for low-income seniors receiving Old Age Security (OAS).
- Eligibility: Income thresholds apply.
- Application: Submit through Service Canada.
Tips to Maximize Benefits
- File Taxes Annually: Filing ensures you’re eligible for all federal and provincial benefits.
- Use Direct Deposit: Faster, more secure payments with reduced delays.
- Track Updates: Regularly monitor announcements from the CRA or Canada.ca for changes or new programs.
- Seek Financial Advice: Professionals can help you optimize benefit usage and financial planning.
The Canada $928 payment is a critical lifeline for low-income families and individuals, providing timely relief during a financially challenging season. Stay proactive by ensuring your CRA details are current and filing your taxes to maximize your eligibility.
