After the disbursement of CWB(Canada Worker’s Benefits) the Canada Revenue Agency is making its way to release an enhanced form of it called the ACWB(Advanced Canada Worker’s Benefit). The ACWB is launched to assist modest wage earners with additional support that the CWB did not consist of. Eligible candidates will experience changes in their current workers’ benefits from the concerned dates.
This article will discuss these benefits in detail along with the essential dates, eligibility criteria, and steps of application.
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ACWB Payments Dates 2024
The ACWB payments similar to the CWB payments are for those who earn low income in the Country of Canada. The candidates before applying should make sure that they fall within the specified pay limit depending on their status such as if the candidate is single or has a family with dependants.
The ACWB consists of two parts namely:
- The Basic Benefit: Under this benefit, the eligible candidates are provided with financial assistance based on multiple factors like marital status and the annual income of the person or the family.
- The Disability Supplement: If a person fits the eligibility criteria for the Basic Benefit payments and is also disabled then they are qualified to gain the disability supplement. The individual must be eligible for the disability tax credit to be able to receive this supplement.
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ACWB Payment Eligibility Criteria 2024
To learn about whether you qualify for the ACWB payments have a look at the eligibility rules mentioned as follows:
- Meeting the essential income threshold specified as per the CRA, such as having a net worth of $23,495 for a single individual, will be able to gain the maximum benefit.
- Being a Canadian resident for the Income Tax Act.
- The age of the person should be more than 19 years by the end of the application year.
- The age rule does not apply to those with a spouse, common-law partner, or a parent with their child.
- The evaluation of your eligibility criteria will be done based on the filing of your Income Tax return.
- There are a few people who won’t be able to receive the benefits these can be:
- For the ones looking forward to qualifying for the disability supplement, they are required to meet all the specific conditions for the disability tax credit.
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ACWB Payment Dates 2024
The advanced payments provided under the ACWB are going to be half the salary amount received under the CWB in three payments. The dates on which you can expect to receive your ACWB payments are:
- January 12, 2024, for first payment.
- July 12. 2024, for the second payment.
- October 11, 2024, for the third payment.
It is also worth noting that these payments will be given by the CRA through a direct bank transfer. If you haven’t set up your account with the CRA yet and wish to receive your payments via the bank method then visit the official of CRA and follow the prompts guiding you through the process of setting up your account. Else you’ll receive your payments in cheques through normal mail.
The CRA each year re-evaluates your eligibility criteria based on your filed taxes and re-considers the payment amount that should be sent out for that year. In case of CRA making any changes to your existing payments plan you will get notified along with the amount estimated for that year.
ACWB Payment Application Procedure
To receive the ACWB payments the candidates are not required to fill out any separate application form as the CRA will shortlist all the eligible candidates based on their income tax filing. Thus, make sure to file your income tax return so as to be able to get evaluated and get your benefits.
Conclusion
In conclusion, the ACWB is a way to help the country’s low-earning people provide financial assistance and help them attain financial stability in the existing economy. People will start to receive their payments by the 12th January 2024 if they’re qualified for the ACWN.
The government of Canada through this initiative allows such workers to provide a sense of stability to help them focus and begin working towards greater success and achievements. It is also a way of it let these workers know that the government acknowledges their efforts and supports them throughout that journey.