Financial Planning

Advanced Canada Workers Benefit: Payment Set for October 11

Irfan Ameer
Irfan Ameer
8 Min Read

Are you feeling the pinch of rising costs? If you’re a low-income worker in Canada, you may have some good news coming your way. The Advanced Canada Workers Benefit (ACWB) payment is scheduled for October 11, 2024. This benefit is designed to give a financial boost to people who need it most. But what exactly is the ACWB, and how does it help?

Contents
What is the Advanced Canada Workers Benefit (ACWB)?Why is the ACWB Important?Who Qualifies for the ACWB?How Much Can You Expect from the CWB?How to Maximize Your ACWB PaymentsWhat If You Don’t Get Your Payment?Take Action Now

Let’s break it down so you know what to expect, who qualifies, and how to make sure you get your payment on time.

What is the Advanced Canada Workers Benefit (ACWB)?

The Advanced Canada Workers Benefit (ACWB) is part of the larger Canada Workers Benefit (CWB) program. It’s aimed at giving low-income workers a financial hand. But instead of waiting until tax season to get all your benefits, you can get part of them in advance.

The ACWB spreads the payments over three dates in the year. For 2024, the payment dates are July 12 (which has already passed), October 11, and January 10, 2025. These advance payments give you up to 50% of your total benefit.

For those struggling to keep up with bills, this extra money can be a huge help.

Why is the ACWB Important?

This benefit matters because it helps people who are working hard but still finding it difficult to cover basic living expenses. With rent, groceries, and other costs going up, even small financial boosts can make a big difference.

The ACWB recognizes that waiting until tax season isn’t always practical. Some people need help now, not later. That’s why the government spreads the benefit out through the year, giving financial relief when it’s most needed.

If you’re one of those workers, knowing when to expect these payments and how to qualify is key.

Who Qualifies for the ACWB?

Not everyone is eligible for this benefit, so it’s important to understand the qualifications. To get the Advanced Canada Workers Benefit, you have to meet certain conditions related to income, residency, and age.

Here are the main points:

  • Working Income: You must have a job and your income needs to be below a set limit for your province or territory.
  • Age: You must be 19 years old by the end of the year or live with a spouse, common-law partner, or child.
  • Residency: You need to have lived in Canada for the whole year.

Some people aren’t eligible. For example, if you were in prison for part of the year, or if you’re a full-time student for more than 13 weeks without dependents, you won’t qualify. Also, if you’re not required to pay taxes in Canada (due to diplomatic status, for example), you won’t receive this benefit either.

How Much Can You Expect from the CWB?

The Canada Workers Benefit (CWB) is split into two parts: the basic CWB benefit and the disability supplement. How much you get depends on your income and family status.

  1. Basic CWB Benefit: If you’re single and earn $24,975 or less, the maximum benefit you can receive is $1,518. For families, the maximum amount is higher—$2,616—if your family’s income is $28,494 or less.

However, as your income increases, the benefit starts to shrink. For single people, the benefit phases out completely once your income hits $35,095. For families, the cutoff is $45,934.

  1. Disability Supplement: If you qualify for the disability tax credit, you can get more. Single individuals earning $35,098 or less can receive an additional $784. Families with a combined income below $40,325 can also qualify for this extra money. If both partners are eligible for the disability supplement, the family income limit goes up to $56,386.

These numbers change every year based on inflation and other factors, but this gives you a rough idea of what to expect.

How to Maximize Your ACWB Payments

If you’re eligible for the ACWB, you’ll want to make sure you’re getting the most out of it. Here are a few steps you can take to make sure you get your payment on time and avoid any delays:

  • File Your Taxes Early: The Canada Revenue Agency (CRA) uses your tax return to figure out if you qualify for the benefit. If you file your taxes late, your payments could be delayed. Filing early ensures you don’t miss out.
  • Sign Up for Direct Deposit: If you’re still getting paper checks, you might want to switch to direct deposit. It’s faster, more secure, and the funds go straight into your bank account. This way, you won’t have to wait for a check in the mail.
  • Keep Track of Payment Dates: While the next payment is set for October 11, it’s always a good idea to keep an eye on your account around that time. If you haven’t received your payment within 10 business days, it’s worth checking with the CRA.
  • Review Your Eligibility Each Year: Life changes can affect your eligibility for the benefit. If your income fluctuates or your family situation changes, make sure you still meet the requirements.

What If You Don’t Get Your Payment?

If you don’t receive your October 11 payment right away, don’t panic. It can take up to 10 business days for the payment to show up in your account, especially if your financial institution takes longer to process transactions.

If it’s been more than 10 business days, double-check your CRA account to make sure everything is up to date. If you still haven’t received the payment, you can contact the CRA to find out what’s going on.

Take Action Now

The Advanced Canada Workers Benefit is a helpful program for many low-income workers across Canada. With the next payment scheduled for October 11, now’s the time to make sure everything is in order so you don’t miss out. File your taxes early, update your direct deposit info, and keep track of the payment dates.

This benefit is designed to provide support when you need it most. It can help make the difference between staying afloat and falling behind. If you qualify, don’t wait—take advantage of the ACWB today and give yourself a bit of breathing room in these tough times.

Ready to get started? Check your eligibility, file your taxes, and sign up for direct deposit if you haven’t already. Your October 11 payment could help you cover some of life’s essentials. Don’t let it pass you by.

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