Canada Workers Benefit goes out Friday. How much will you get?
Some eligible working Canadians are set to receive advanced payments of workers benefits from the federal government this week.
The Advanced Canada Workers Benefit (ACWB) will go out on Friday to individuals and families who earn a low income.
The CWB is a refundable tax credit and the payments are aimed to help workers cope with the rising cost of living, the Canada Revenue Agency says.
The CWB payment includes a basic amount and a disability supplement.
The CRA calculates these based on a person’s marital status, their province or territory of residence, their income, whether they have dependants and eligibility for the disability tax credit.
Annually, single Canadians can expect to receive a maximum basic amount of $1,518 if their adjusted net income is no more than $24,975.
The maximum disability supplement that single individuals are entitled to is $784 if they earn up to $35,098.
The advanced payments, which are rolled out in three instalments annually, will include half of the total basic amount and half of the disability supplements. That adds up to roughly $1,151 for the full year.
The CRA says the total basic amount for the CWB is gradually reduced if a person’s adjusted net income is more than $24,975 and no payment is made if it exceeds $35,095.
The disability supplement is gradually reduced if the adjusted net income for single individuals is more than $35,098. If it is more than $40,325, they will not receive any disability supplement.
Families who earn an adjusted net income of up to $28,494 can expect a maximum basic benefit of $2,616 for the whole year. The maximum disability supplement for families is $784.
The advanced payments can add up to a maximum of $1,700 for the complete year.
These benefit
Read more on globalnews.ca
