Payments for the Canada Workers Benefit arriving sooner—find out why + MORE Jul 31st

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…

First home savings account (FHSA) highlights
The FHSA is a type of registered account that allows you to contribute up to $8,000 annually, up to a lifetime limit of $40,000, to save for the purchase of your first home.FHSAs became available on April 1, 2023. However, availability is currently limited and will vary by financial institution. Many are expected to launch their FHSA later in 2023. 

Canadians can now boost their savings for a down payment on a home with a new type of registered account. The first home savings account (FHSA), also referred to as the tax-free first home savings account, creates up to $40,000 in tax-free savings room for first-time home buyers. In this article, we’ll explain why the FHSA was created, how it works and how you can maximize its potential—even if you have no immediate plans to buy a home.

Frequently asked questions about FHSAs

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