Each summer, following the tax filing season, the Canada Revenue Agency (CRA) uses information from an individual’s income tax and benefit return, along with the return of their spouse or common-law partner, to calculate benefit and credit payments for the upcoming year. Starting in July, eligible benefit and credit recipients may notice changes to their payment amounts.
For example, those who receive the Canada child benefit (CCB), including any related provincial or territorial payments, may notice changes starting with the payment issued July 20, 2018. The payment amount issued on this date will be their monthly CCB payment for the year, until June 2019, unless their situation changes.
Other benefit and credit payments that depend on information submitted in a return and follow a similar cycle include the GST/HST credit (including any related provincial credits) and the Guaranteed Income Supplement (GIS) (administered by Service Canada).
Do your taxes to receive benefit and credit payments
All Canadians need to file their taxes and also keep their personal information such as their address and marital status up to date with the CRA to make sure their benefit and credit payments are not interrupted. Due to changes to individuals’ family income or personal information (such as, changes in number of dependents, marital status, or province/territory of residence), some individuals who were entitled to benefits the previous year may no longer qualify to receive them or may receive a different amount.
If you have not filed your return and would like more information on various programs, deductions and credits that can help save you money, contact The lions Accounting Group Ltd., Chartered Professional Accountants at 604 926 3522.