Albertans set to receive a bunch of cash from the feds to kick off 2024

Cash is on the way for Albertans to start the new year, as the federal government is sending out another round of payments in January.

Several of the federal government’s benefits, credits, and rebates are set to provide much-needed extra cash to eligible Albertans, especially after a busy holiday season.

Here is how you can receive more money from the feds this month:

GST/HST credit

Payment due: January 5

The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment.

It aims to help Canadian individuals and families with low to modest incomes offset the taxes that they pay.

According to the government, you could get up to:

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

You don’t need to apply for this credit because you’re automatically considered for it when you file your taxes.

Last year, Ottawa doubled the GST Credit for six months during the height of inflation.

The CWB is a refundable tax credit that helps low-income individuals and families.

You’re eligible for the basic amount of CWB if you are:

• Over 19 years old on December 31, or live with a spouse or common-law partner or your child,
• Are a resident of Canada throughout the year, and
• Are working but earning less than the net income level set for your province or territory of residence.

Eligible single Canadians can receive up to $1,428; meanwhile, families can earn up to $2,461. 

You can also get up to $737 for the disability supplement based on your annual income.

Climate Action Incentive Payment (CAIP)

Payment due: January 15

The CAIP is a tax-free amount paid to help individuals and families offset the cost of federal pollution pricing.

Under the federal pollution pricing system, the government puts a price on pollution in regions that do not have their own pricing system, which includes Alberta, Saskatchewan, Manitoba, and Ontario.

The Alberta program will provide a varying amount to people on January 15:

• $193 for an individual
• $96.50 for a spouse or common-law partner
• $48.25 per child under 18

Additionally, families in rural and small communities are eligible to receive an extra 10%.