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In July 2023, October 2023, and January 2024, individuals with low income will receive early disbursements of the Canada Workers Benefit (CWB). To avail of this benefit, one must make a claim on their 2022 tax return. The CWB is a refundable tax credit designed to assist those with low earnings, providing support to both individuals and families.
The CWB comprises two components: a fundamental amount and a disability supplement. When filing your income tax return, you have the opportunity to claim the CWB. Commencing in July 2023 and based on the 2022 tax year, the CWB will issue advance payments equivalent to 50% of the CWB over three installments through the Advanced Canada Workers Benefit (ACWB). This strategic initiative aims to inject additional funds into the pockets of workers, offering relief in the face of escalating living costs.
Individuals who received the CWB in 2022 will automatically be eligible for these advanced payments, eliminating the need for a separate application process.
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