#FinancialFridays: Government Payments in January 2024
If your taxes are up to date and you are living on a low to moderate income, you may be receiving government benefits. All the benefits and credits below are based on the 2022 income tax filing. If you haven’t filed your 2022 income taxes yet, you can file now and still get the benefits and credits you are eligible for.
The Ontario Trillium Benefit is a monthly benefit that combines the Ontario energy and property tax credit, the Northern Ontario energy credit, and the Ontario sales tax credit programs. It is paid monthly on the 10th of the month, or the Friday before if the 10th falls on a weekend or holiday. If your annual 2023 Ontario Trillium Benefit amount is below a certain amount, you get it as a one-time payment in June or July. Having a small payment the second week of each month can be helpful to pay a regular bill that may be due at that time. The payment in January 2024 will be on January 10th.
The GST/HST Credit (Goods and Services Tax/Harmonized Sales Tax) is meant to help people with low to moderate income offset the GST and HST they pay in their daily lives. This payment comes in once every three months and the first payment in 2024 will be January 5th. The payments are based on your income taxes and come in July, October, January, and April. As this payment comes in once every three months, it isn’t part of your monthly income; it may be helpful to use it to catch up on a bill, pre-pay a bill, or use as an extra payment towards a debt.
The Climate Action Incentive Payment is meant to help people offset the cost of federal pollution pricing. This is another payment that comes in every three months. The payments are the same months as the GST/HST Credit: July, October, January, and April. The first payment in 2024 will be January 15th.
The Advanced Canada Workers Benefit is for an individual earning a working income of up to $33,015 per year or a family household working income of $43,212 per year and is meant to help cope with the rising cost of living. There are a total of four payments: July 2023, October 2023, January 2024, and one payment after you file your 2023 income taxes. The payment in January will be on January 12th.
The Canada Child Benefit is a monthly benefit for families to help with the cost of raising children under 18 years of age. It is paid monthly on the 20th of the month, or the Friday before if the 20th falls on a weekend or holiday. The payment in January will be on January 19th.
Seniors in Canada may receive the following monthly payments: the Canada Pension Plan if they paid into the pension plan during their time working and the Old Age Security pension if they are 65 years of age. If you are going to turn 65 in the next year, apply six months before your birthday for these pension incomes. The January payments can be expected on January 29th.