#FinancialFridays: What is the Climate Action Incentive Payment (CAIP)?
What is the Climate Action Incentive Payment (CAIP)?
This is a tax-free payment to help people and their families deal with the cost of federal pollution pricing. There is a basic amount and an additional amount for people living in small and rural communities.
If you are eligible for this payment, you would have gotten a payment on July 14th, 2023. The next payment is on October 15th, 2023, and the following payment will be on January 15th, 2024. The government decides if you are eligible based on your personal tax filing. You do not have to apply for this payment; you do have to file your personal taxes.
Because this payment comes every few months and not monthly, consider how you can make this payment work best for you. Is that making an extra payment on a debt? Is that putting it into a savings account for an emergency fund? Is that using it to treat you and your family to a pizza night?
How will you use your CAIP?
~ Caroline Araujo Abbotts
Financial Literacy Program Coordinator
