Payments for the Canada Workers Benefit arriving sooner—find out why + MORE Jul 28th

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RWRDS Daily Update – July 28, 2023

– RewardsCanada.ca

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Payments for the Canada Workers Benefit arriving sooner—find out why

– moneysense.ca

If you receive the Canada Workers Benefit (CWB), you’ll notice a change to this federal tax credit as of this week, namely that you’ll get the money sooner. In the past, CWB recipients claimed the benefit for a certain year when filing their income tax return—for example, claiming the CWB for 2021 when filing a tax return in early 2022. The Canada Revenue Agency (CRA) would then assess the taxpayer’s eligibility for the benefit.

The CRA is now taking a different approach: It will make three advance payments—the first one on July 28, 2023—to anyone who received the CWB in 2022, no application needed. Together, these quarterly payments, called the Advanced Canada Workers Benefit (ACWB), will equal 50% of the CWB amount eligible Canadians received based on their income for the 2022 tax year. With this change in place, those receiving the payments won’t have to wait until 2024 for the 2023 CWB money.

“The Canada Workers Benefit tops-up the income of up to 4.2 million hardworking Canadians—because no one working full-time should be struggling to put food on the table or to pay their rent,” Chrystia Freeland, deputy prime minister and finance minister, stated in a government news release issued July 27…

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