The New Canada Workers Benefit 2023: A Comprehensive Guide.
The Canadian government is introducing the New Canada Workers Benefit (CWB) on July 28, 2023, to provide essential financial aid to low-income workers across the country. Eligible single workers and families can expect to receive quarterly payments, with amounts of up to $1,428 and $2,461 respectively, depending on their income. As income rises, the benefit amount gradually decreases, ultimately phasing out for individuals earning $33,015 or more and families earning over $43,212.
How to Apply:
The application for the CWB is done through the filing of your annual tax return. For those who received the CWB on their 2022 tax return, the CRA will automatically assess their eligibility for the advanced Canada Workers Benefit (CWB). To receive advance payments, individuals who haven’t filed their 2022 Income Tax and Benefit Return yet must do so no later than November 1, 2023. If you require assistance with your 2022 return, don’t hesitate to seek help.
When will I receive my payment?
The CWB payment schedule for 2023 consists of the first payment on July 28, followed by two quarterly payments on October 12, 2023, and January 12, 2024. This new benefit reflects the government’s unwavering commitment to supporting low-income workers and families, offering vital assistance in managing the financial challenges of everyday life.
Canada Workers Benefit (CWB)
✓ Rolling out July 28th
✓ Application filed with annual tax return
✓ If you haven’t filed for 2022, reach out to us!