In April, the federal government announced that Albertans would see an increase in their Climate Incentive Action Payments.

The change in amounts varied but included:

  • $48.25 per child under 18, up from the previous $33.75
  • $193 for an individual, up from the previous $134.75
  • $96.50 for a spouse or common-law partner, up from the previous $67.50

The CAIP provides Albertans an annual credit of:

  • $772 for an individual
  • $386 for a spouse or common-law partner
  • $193 per child under 19
  • $386 for the first child in a single-parent family

The CAIP is a tax-free amount paid to help individuals and families offset the cost of federal pollution pricing. It is available to residents of Alberta, Saskatchewan, Manitoba, and Ontario.

"You don’t need to apply to receive the payment for the CAIP. The Canada Revenue Agency (CRA) will determine your eligibility when you file your income tax and benefit return and will send you payments if you’re entitled to them," The CRA states. 

The CAIP includes a rural supplement of 10 per cent of the base amount for residents of small and rural communities. The CRA does not charge or give interest on any CAIP overpayments or underpayments.

The last CAIP payment for 2023 was in October, with 2024 payments scheduled for January 15, 2024, with the remainder of the 2024 payments will be made in April, July, and October.

However, the CAIP is one of several tax benefits that some Albertans may see come 2024. 

GST/HST credit

On January 5, 2024, the GST rebate will be sent out to all those that are eligible. 

"The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment that helps individuals and families with low and modest incomes offset the GST or HST that they pay," The Canada Revenue Agency (CRA) stated on its website. 

The CRA underlined that the credit may also include payments from provincial and territorial programs.

You are automatically considered for the GST/HST credit when you file your taxes.

Canada Child Benefit (CCB)

On January 19, 2024, those who are eligible will also receive the CCB. Other payment dates for the benefit include: 

  • February 20, 2024
  • March 20, 2024
  • April 19, 2024
  • May 17, 2024
  • June 20, 2024
  • July 19, 2024
  • August 20, 2024
  • September 20, 2024
  • October 18, 2024
  • November 20, 2024
  • December 13, 2024

The CCB is available to those who meet all of the following criteria:

  • You live with a child who is under 18 years of age
  • You are primarily responsible for the care and upbringing of the child
  • You are a resident of Canada for tax purposes
  • You or your spouse or common-law partner must be any of the following:
    • a Canadian citizen
    • a permanent resident
    • a protected person
    • a temporary resident who has lived in Canada for the previous 18 months, and who has a valid permit in the 19th month other than one that states "does not confer status" or "does not confer temporary resident status"
    • an individual who is registered, or entitled to be registered under the Indian Act

"You cannot get the Canada child benefit (CCB) for a foster child for any month in which Children's special allowances (CSA) are payable," the CRA underlined

The Canada Workers Benefit (CWB) 

You can claim the Canada Workers Benefit (CWB) is a federal to help individuals and families who are working and earning a low income. The 2024 payment will be made on January 12. 

However, with all these benefits, there are tax hikes that may affect one's income.

Employment Insurance premium rates going up 

A September 2023 news release by the Government of Canada, underlined that there will be a small increase to the employment insurance rate.

"The rate is set at $1.66 per $100 of insurable earnings for employees and $2.32 for employers who pay 1.4 times the employee rate. This represents a three-cent increase from the 2023 EI premium rate of $1.63 for employees and $2.28 for employers," the release explained.

The release also stated that there will be an increase in what is called Maximum Insurable Earnings (MIE).

"Workers and employers pay EI premiums on insurable employment income. Those premiums are paid up to an income threshold, which is the MIE. This threshold also determines the maximum weekly benefit rate in a calendar year."

The MIE for 2024 is $63,200. This is an increase from $61,500 in 2023.

Canada Pension Plan (CPP) maximum pensionable earnings increasing

The Government of Canada has stated that the "maximum pensionable earnings under the Canada Pension Plan (CPP) will be $68,500."

This is an increase from $66,600 in 2023. The basic exemption amount for 2024 remains at $3,500.

"Starting in 2024, a higher, second earnings ceiling of $73,200 will be implemented and used to determine second additional CPP contributions (CPP2). As a result, pensionable earnings between $68,500 and $73,200 are subject to CPP2 contributions. These new ceilings were calculated by the CPP legislation and take into account the growth in average weekly wages and salaries in Canada," the CRA stated. 

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