In 2024, the Canada Workers Benefit (CWB) continues to support eligible workers and families with financial assistance. This benefit, totaling $1,428, consists of the Disability Supplement and the Basic Amount.
The Canada Workers Benefit is a refundable tax credit designed to help lower-income workers. Starting on January 12, 2024, new quarterly payments will be issued to low-wage workers across Canada.
We understand the importance of knowing the CWB Payment Dates for 2024. This article provides comprehensive details on this Canadian financial assistance program.
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Understanding CWB Payment 2024
The Canada Workers Benefit (CWB) is a financial aid program for low-income individuals and families, an enhanced version of the Working Income Tax Credit. Its aim is to alleviate financial difficulties for those in need.
This refundable tax credit provides financial support to low-income workers and their families, with the amount varying based on individual circumstances. Additionally, the CWB offers disability compensation for eligible Canadians.
CWB Payment Dates Overview
| Article Title | CWB Payment Dates 2024: |
|---|---|
| Country | Canada |
| Scheme | Canada Workers Benefit |
| CWB Payment Amount 2024 | $1,428 – $2,461 |
| Upcoming CWB Payment Date | January 12, 2024 |
| More Information | Find Here |
Who is Eligible for $1,428 CWB?
To qualify for the basic CWB amount, individuals must meet the following criteria:
- Their working income must be below the net income cap set by their province or territory.
- They must be Canadian residents throughout the year.
- They must be at least 19 years old on December 31st or live with a spouse, partner, or child.
Certain individuals are not eligible for the CWB payment, including full-time students (unless dependents), those detained for over 90 days, and individuals exempt from Canadian taxes due to diplomatic status.
Spouses or partners must also reside in Canada for the entire year and live with the beneficiary as of December 31st to qualify.
When is it coming?
The CWB is distributed in three advance installments annually, with a final adjustment based on the previous year’s income tax return. The next payment is scheduled for January 12, 2024.
| Installments | CWB Payment Date |
|---|---|
| First | January 12, 2024 |
| Second | July 12, 2024 |
| Third | October 11, 2024 |
If eligible, you will receive 50% of your CWB net payment in advance installments. If qualified for the disability supplement, you will also receive 50% of the disability payment.
CWB Payment Amount 2024
Your CWB benefits amount depends on factors such as your province, marital status, net income, working income, and eligibility for the disability supplement. The $1,428 Workers Benefit will be directly deposited into your account.
The benefit consists of a base amount and a disability supplement. For the 2024 tax year, the maximum base amount for families is $2,461, while the maximum for individuals is $1,428.
If eligible for the disability tax credit, you may receive an additional $737. Families qualifying for the disability tax credit with one eligible spouse can receive up to $737, which decreases to $43,210 in adjusted family net income (the basic amount).
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