Financial support is about to arrive, and the federal government of Canada has launched a crucial program to support low-income workers: the Advanced Canada Workers Benefit (ACWB). This year, many Canadians who struggle every day to make ends meet will finally have a break in their family finances. This measure not only seeks to give them money, but also to accompany them in these frustrating times and give them an opportunity to build their lives on equal terms. Below we will tell you how this benefit will make a difference in the lives of many families across the country!
Take it one step at a time:
The ACWB is an extension of the Canada Workers Benefit (CWB), which is intended for workers who have reported being in a low-income situation on their tax returns. Up to 50% of the benefit will be distributed throughout the year in three times, that is, through three annual payments. The first payment is scheduled for Friday, January 10. Prepare your wallet!
How do I know if I’m eligible?
It will depend on several criteria established by the CRA (Canada Revenue Agency). The criteria are as follows:
- Be at least 19 years old by December 31, live with a spouse (or common-law partner) or have a pending child.
- Be a resident of Canada.
- Have net income below the limit established in your place of residence.
There is one exception, and that is that the CWB can vary depending on the region you are in, for example, Quebec, Alberta and Nunavut have more specific adjustments because they are places where the cost of living is higher (so it would not be equitable to receive the same as in other places where the standard of living is much lower)
How much do you receive with this benefit?
The CWB offers three different levels of support that will depend on the situation of the person requesting it.
- Single individuals will receive up to $1,518 CAD
- Families will receive up to $2,616 CAD
- Disabled people will receive up to an additional $784.
These advanced payments represent up to 50% of these benefits
How do you receive these payments?
The best thing about this benefit is that you don’t need to submit an application, but the CRA will determine whether or not you are eligible based on your tax return, so they make sure that it efficiently reaches the people who need it most. However, you can estimate the amount you will receive through a calculator that the Canadian government has made available to users.
The ACWB wants to show that it is possible to make economic policies that are inclusive (and that work) and this is one of the steps they have taken to prove it. These initiatives will not only alleviate the economic tensions of families immediately, but will also rebuild the social fabric from a more equitable vision where those who have less can have a little more. So, if you are from Canada and you meet the requirements, this event can mark a before and after in the economic situation at home, do not miss it and if you have questions, visit the official CRA website!