New CRA Benefits for Individuals for 2022 0

Posted On December 13, 2022, by Admin

The Canada Dental Benefit

The CRA has introduced a new benefit called the Canada Dental Benefit, which is a tax-free payment of up to $650 per child intended to help lower dental costs for eligible families. The application for this benefit opens on December 1, 2022, but it is effective after October 1, 2022.

Here are the requirements to receive the Canada Dental Benefit:

• Your 2021 family net income is less than $90,000 and you have filed your family 2021 returns;
• You receive the Canada Child Benefit (CCB);
• You have a child under 12 years old ;
• Your child has or is expected to have dental costs between October 1, 2022 and June 30, 2023; and
• The dental costs are not covered under a private dental insurance plan.

If you meet all of the above requirements, you can apply through your CRA My Account as soon as December 1, 2022.  It goes without saying that you need to have My Account set-up with CRA and also have Direct Deposit enabled.

Below is the link to more information on the CRA’s website that provides more detailed information and a handy benefit estimator.

https://www.canada.ca/en/revenue-agency/services/child-family-benefits/dental-benefit.html

The Canada Housing Benefit

The CRA has introduced a one-time top-up to the Canada Housing Benefit, which is a tax-free payment of $500 intended to help low-income renters with the cost of renting. The application for this benefit opens on December 12, 2022.

Here are the requirements to receive the Canada Housing Benefit:

• Net income
  • Families: Your 2021 family net income is less than $35,000; or
  • Individuals: Your 2021 net income is less than $20,000;
  • Your 2021 personal tax returns have been filed
• You are over 15 years old; and
• In 2022 you paid at least 30% of your 2021 net income on rent.

If you meet all of the above requirements, you can apply through your CRA My Account as soon as December 12, 2022.  It goes without saying that you need to have My Account set-up with CRA and it would be also beneficial to have Direct Deposit enabled, but it is not mandatory.

Below is the link to more information on the CRA’s website that provides more detailed information the Canada Housing Benefit.

https://www.canada.ca/en/services/taxes/child-and-family-benefits/top-up-canada-housing-benefit.html

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