Canada’s climate action incentive payment just got a huge update that will impact how much money goes into your bank account.
This federal benefit is now known as the Canada Carbon Rebate and payment amounts have been increased!
It was announced on February 14, 2024, that the climate action incentive payment residents of certain provinces receive will be the Canada Carbon Rebate going forward.
With this rebate, fuel charge proceeds are returned to Canadians through direct deposit or cheque every three months to ensure that most households get more money back.
It’s now called the Canada Carbon Rebate to simplify the function of the benefit and make the relation to the federal carbon pricing system more clear.
Also, starting this year, the federal government is proposing a doubling of the rural supplement from 10% to 20% which could mean more money for Canadians.
Since previous payments were deposited into your bank account as “Climate Action Incentive” or something similar, the feds are urging financial institutions to consistently label Canada Carbon Rebate direct deposits.
You’re eligible for the Canada Carbon Rebate — which is also known as the CCR now — if both of these conditions are met:
- you are a resident of Canada in the month before the payment
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- you are a resident of an applicable CCR province on the first day of the payment month
You must also be at least 19 years old in the month before the CRA makes a payment
The CCR payment amount you receive depends on your family situation and the province you live in. You can get more money if you have children or a spouse or common-law partner.
It won’t get reduced based on adjusted family net income.
The increased quarterly payment amount for Alberta is:
- $225 for an individual
- $112.50 for a spouse or common-law partner
- $56.25 per child under 19
- $112.50 for the first child in a single-parent family
The increased quarterly amount for Saskatchewan is:
- $188 for an individual
- $94 for a spouse or common-law partner
- $47 per child under 19
- $94 for the first child in a single-parent family
The increased quarterly payment for Manitoba is:
- $150 for an individual
- $75 for a spouse or common-law partner
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- $37.50 per child under 19
- $75 for the first child in a single-parent family
The increased quarterly amount for Ontario is:
- $140 for an individual
- $70 for a spouse or common-law partner
- $35 per child under 19
- $70 for the first child in a single-parent family
The increased quarterly payment amount for New Brunswick is:
- $95 for an individual
- $47.50 for a spouse or common-law partner
- $23.75 per child under 19
- $47.50 for the first child in a single-parent family
The increased quarterly amount for Nova Scotia is:
- $103 for an individual
- $51.50 for a spouse or common-law partner
- $25.75 per child under 19
- $51.50 for the first child in a single-parent family
The increased quarterly payment for P.E.I. is:
- $110 for an individual
- $55 for a spouse or common-law partner
- $27.50 per child under 19
- $55 for the first child in a single-parent family
The increased quarterly amount for Newfoundland and Labrador is:
- $149 for an individual
- $74.50 for a spouse or common-law partner
- $37.25 per child under 19
- $74.50 for the first child in a single-parent family
With these bumped-up payments, you could get hundreds of dollars more from the Canada Carbon Rebate now!
CCR payment dates are April 15, July 15 and October 15 in 2024 and then January 15 in 2025.
This article’s cover image was used for illustrative purposes only.
Source: Narcity Canada
