The Canada Workers Benefit is refundable tax credit that assists low-income workers as a work incentive.
Who Receive the Benefit?
To be eligible for the CWB, you must meet all of the following conditions;
- You were a resident of Canada throughout the year
- You earned income from employment or business
- At the end of the year, you were 19 years of age or older
Who Cannot Receive the Benefit?
The following would not allow you to qualify for the CCB;
- You were enrolled as a full-time student for more than 13 weeks in the year, unless you had an eligible dependent at the end of the year
- You were confined to a prison for a period of at least 90 days during the year
- You or a family member were exempt from income tax in Canada
There is a bit of a calculation required to determine how much you could get. The maximum for a single individual is $1,381. This amount it reduced if your (adjusted) net income is more than $13,064 and eliminated once your income is more than $24,573. Families can receive $2,379 if the (adjusted) family net income is less than $17,348 and reduced for income above that amount, eliminated altogether once family income is more than $37,173.
Income level criteria change where you are eligible for the disability tax credit.
This information is for discussion purposes only and should not be considered professional advice. There is no guarantee or warrant of information on this site and it should be noted that rules and laws change regularly. You should consult a professional before considering implementing or taking any action based on information on this site. Call our team for a consultation before taking any action. ©2022 Shajani LLP.
Shajani LLP is a CPA Calgary, Edmonton and Red Deer firm and provides Accountant, Bookkeeping, Tax Advice and Tax Planning service.