Many Canadians to receive advanced payments ahead of newly improved Canada Workers Benefit

Today, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced that the first automatic advanced pay would be rolled out to millions of low-income and modest-income Canadian workers starting tomorrow. “The Canada Workers Benefit tops up the income of up to 4.2 million hardworking Canadians—because no one working full-time should be struggling to put food on the table or to pay their rent.” said Chrystia Freeland, Deputy Prime Minister and Minister of Finance.

Part of the newly enhanced Canada Workers Benefit, this benefit was initially announced in 2021 and aims to provide aid and support for Canadians who need it most. The eligibility expanded to an additional one million workers. Before Bill C-47 was passed, Canadians had to wait until their taxes were filed before receiving the payment. It is coming earlier than once said, so Canadians can use it as soon as required for day-to-day needs such as rent and groceries.

Eligible families will receive $2,616, and $1,518 for eligible single workers. The payments will be split between three advance payments during this fiscal year starting July 2023, October 2023, and January 2024. Final payments will come after filing their 2023 tax return. Canadians who applied and received the Canadian Workers Benefits for Low- and modest-income in 2022 will automatically receive their advance payments from the Canada Revenue Agency and won’t need to apply again.

A few additional things to note; The 2021 Budget significantly expanded eligibility for the Canada Workers Benefit to support one million Canadian workers. As of July 2023, inflation in Canada has decreased significantly down. Currently, the rate is at 2.8 percent, within the Bank of Canada’s target range of 1 to 3 percent. Inflation is at its lowest in more than two years, coming down from a high of 8.1 percent recorded in June 2022. Inflation in Canada is lower than in every other G7 country.

The government of Canada is continuously working to improve Canadians financial situations. First came the grocery rebate at the start of July and now with these advanced payments, Canadians can have some stress relief while navigating everyday challenges and daily living expenses.