The New Canada Workers Benefit Unveiled!
Welcome back to another exciting blog. Did you know that Canada has launched the new Canada Workers Benefit (CWB) to provide assistance to the country’s lowest-paid workers. The CWB will be dispersed four times a year, with the first payment going out on 28 July, 2023.
We highly recommend you to read the full blog so you don’t miss out the chance to avail this benefit announced by the IRCC.
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Understanding the CWB and Its Benefits
Please keep in mind that The CWB is intended for individuals and families who are employed but don’t make enough money. It contains two parts: a basic amount and a disability allowance. Entitled single workers can get up to $1,428, and families can obtain up to $2,461 as a basic three-monthly CWB compensation. Moreover, entitled Canadian workers can also get up to $737 as a disability supplement.
Check Your Eligibility for the CWB!
To be entitled for the basic amount of the CWB, you need to be a resident of Canada all through the year, must be at least 19 years or older, or reside with your spouse or common-law partner or your child. Your disposable annual income in the last year which is 2022 must be less than the amount mentioned here , which differs depending on your province and family status.
How to Apply for the CWB
Another good news is that You can apply for the CWB on paper or online by submitting Schedule 6, Canada workers benefit. If you meet the requirements for the disability tax credit, you need to claim both the base credit and the disability supplement.
CWB Payment Dates
Don’t forget that The first CWB payment will be disbursed on 28 July, 2023, after that two quarterly payments on 12 Octobe, 2023, and 12 January, 2024. If by any chance you do not get your CWB payment, you can get in touch with the Canada Revenue Agency (CRA) after waiting for 10 business days.
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