Canadians to receive bigger ACWB payments this week
Canadians who are eligible for the Advanced Canada Workers Benefit (ACWB) will get larger payments from the government starting this week.
The ACWB is an advanced payment of the Canada Workers Benefit (CWB), a refundable tax credit that eligible individuals can claim on their tax return.
The benefit is supposed to help individuals and families who are working and earning a lower income.
Canadians who are eligible for the CWB on their tax return will get advanced payments of up to 50 per cent of the CWB through the ACWB. These are paid out automatically three times throughout the year.
The federal government usually deposits the money into bank accounts on the 12th, but since it falls on a Saturday in July, the next payment is scheduled for Friday, July 11.
You are eligible if:
- You’re over 19 years old on December 31, or live with a spouse or common-law partner or your child,
- You’re a resident of Canada throughout the year, and
- You’re working but earning less than the net income level set for your province or territory of residence
How much can you receive from the ACWB?
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July marks the start of the new benefit year, and the ACWB payment has increased by 2.7 per cent due to indexation.
The maximum basic amount for the CWB will now be $1,633 (up from $1,590) for single individuals; meanwhile, families can receive up to $2,813 (up from $2,739).
The maximum disability supplement amount is $843 (up from $821) for individuals and families, based on adjusted net income.
The maximum basic and disability CWB payment will vary for residents of Quebec, Nunavut, and Alberta.
Canadians eligible for the CWB will receive up to 50 per cent in advance payments.
“You must be a resident of Canada on the first day of the quarter to be eligible for the advanced payments,” states the federal government.
You can use the child and family benefits calculator to estimate your advanced payment amount.
The Canada Revenue Agency (CRA) determines your eligibility when you file your tax return, so you don’t need to apply for the ACWB.
Check out the other government benefits that increase this month.