The Canada Workers Benefit (CWB) is a refundable tax credit designed to support low-income working Canadians and families. Introduced in 2019, it replaced the Working Income Tax Benefit (WITB) and offers increased benefits and wider eligibility compared to its predecessor. This article details everything you need to know about the CWB in 2024, including payment dates, amounts, and eligibility criteria.
CWB Payment Dates in 2024
The CWB is distributed in three advance payments throughout the year. Here are the specific dates for 2024:
- Friday, July 12, 2024
- Saturday, October 12, 2024
- Sunday, January 12, 2025 (Please note this falls on a weekend and may be deposited on the preceding business day)
To access your personalized payment schedule, log in to your My Account on the Canada Revenue Agency (CRA) website or the MyBenefits CRA mobile app.
Understanding CWB Amounts
The amount you receive through the CWB depends on your income level and province or territory of residence. Here’s a breakdown of the maximum basic amounts and how they phase out based on income:
Individuals:
- Maximum Basic Amount: $1,428
- Income Reduction Threshold: $23,495 (the benefit gradually reduces as your income exceeds this amount)
- Ineligibility Threshold: $33,015 (you will not receive the CWB if your income surpasses this limit)
Families:
- Maximum Basic Amount: $2,461
- Income Reduction Threshold: $26,805 (the benefit gradually reduces as your family’s income exceeds this amount)
- Ineligibility Threshold: $43,212 (families exceeding this income level will not receive the CWB)
Disability Supplement:
The CWB also includes a disability supplement for eligible individuals with a valid Disability Tax Credit Certificate (Form T2201) on file with the CRA. The maximum disability supplement is $737 for both individuals and families, and it reduces as your income increases.
Important Note: The maximum amounts and income thresholds mentioned above apply to most provinces and territories. Residents of Quebec may have slightly different figures.
Who is Eligible for the CWB?
To be eligible for the CWB in 2024, you must meet the following criteria:
- Earned Working Income: You must have earned working income below a certain net income level set for your province or territory of residence.
- Canadian Residency: You must be a Canadian resident for the entire year.
- Age Requirement: You must be 19 years old or older on December 31st of the tax year, OR live with a spouse, common-law partner, or child.
Additional Eligibility Considerations:
- You, your spouse, or common-law partner cannot be full-time students for more than 13 weeks in a year (unless you have an eligible dependant on December 31st).
- You cannot have been incarcerated for 90 days or more during the tax year.
- You must be eligible to pay taxes in Canada.
Eligible Dependants:
- An eligible dependant is someone who:
- Is not themselves eligible for the CWB.
- Is your child, your spouse’s child, or your common-law partner’s child?
- Is under 19 years old and lived with you on December 31st of the tax year.
Eligible Spouse:
An eligible spouse is someone who:
- Is a Canadian resident for the entire year.
- Lives with you as your spouse or common-law partner on December 31st of the tax year.
How is the CWB Calculated?
The CRA uses various factors to determine your CWB amount, including:
- Marital status and presence of an eligible spouse
- Province or territory of residence
- Earned working income
- Family’s net adjusted income
- Number of eligible dependants
- Disability tax credit eligibility
Estimating Your CWB Payment:
You can estimate your potential CWB benefit using the following resources:
- Canada Workers Benefit Calculator: This online tool allows you to input your information and receive an estimated amount.
- Calculation Sheet: The CRA provides calculation sheets specific to each province or territory that detail the income thresholds and benefit reduction rates.