ACWB October Payment Date 2024 : Advanced Canada Workers Benefit October Payment Date 2024
Advanced Canada Workers Benefit October Payment Date 2024 : If you’re a participant in the Alberta Child and Family Benefit (ACWB), staying informed about payment dates is crucial for effective budgeting and financial planning. This monthly financial support is designed to assist families with children, providing essential funds to help with the costs of raising kids. As October 2024 approaches, let’s dive into the specifics of the upcoming payment date and what you can expect.
The Advanced Canada Workers Benefit (ACWB) is a financial support program designed to assist low-income workers in Canada by providing them with a tax refund on a more frequent basis. Here’s an overview of the ACWB, including eligibility, payment amounts, and important dates.
What is the Advanced Canada Workers Benefit (ACWB)?
The ACWB is an enhanced version of the Canada Workers Benefit (CWB) that allows eligible individuals and families to receive payments throughout the year rather than waiting until they file their tax returns. This benefit aims to reduce poverty and encourage workforce participation.
Eligibility Criteria
To qualify for the ACWB, you must:
- Be a resident of Canada.
- Be at least 19 years old, or have a spouse or common-law partner, or be a parent living with your child.
- Have earned income from employment or self-employment.
- Meet specific income thresholds set by the Canada Revenue Agency (CRA).
Basic benefit amounts
The maximum basic benefit amount is $1,428 for single workers, but individuals with an adjusted net income over $23,495 will receive a reduced benefit. Individuals with an adjusted net income over $33,015 won’t receive a basic benefit.
The maximum basic benefit amount for families is $2,461. Families with an adjusted net income over $26,805 will receive a reduced benefit, and families with an adjusted net income over $43,212 will not receive the basic benefit.
Disability supplement amounts
Single individuals can receive up to $737 as a CWB disability supplement. That amount will be reduced for those with an adjusted net income over $33,018, and those with an adjusted net income over $37,0932 will not receive the disability supplement.
The maximum disability supplement for families is $737 and is reduced for families with an adjusted net income over $43,210. If one spouse earns over $48,124, no disability benefit will be paid. In families where both spouses are eligible for the disability tax credit, the benefit will not be awarded if the adjusted family net income is over $53,037.
Enhancements to the Canada Workers Benefit
In July 2023, the Canada Revenue Agency (CRA) announced an enhanced Canada Workers Benefit to provide additional support for the lowest-paid individuals and families in Canada. With the workers benefit enhancement, single individuals will receive a total of $1,518, and eligible families will receive a total of $2,616 split between three advance payments in the 2023 fiscal year: July 2023, October 2023, and January 2024.
Payment Amounts
The amount you can receive from the ACWB varies based on your family situation and income level. For the 2024 tax year, the maximum annual amounts are approximately:
- Single individuals: Up to $1,428.
- Couples: Up to $2,461.
- Additional amount for children: $300 per child.
October 2024 Payment Date
For those relying on the ACWB, the payment date for October 2024 is set for October 15, 2024. Payments are typically issued directly to your bank account, making it easy to access your funds promptly
These amounts may vary based on your income, and the ACWB is designed to increase annually to keep pace with inflation.
ACWB Payment Dates | Weekday |
January 12, 2024 | Friday |
July 12, 2024 | Friday |
October 11, 2024 | Friday |