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Last updated: May 27 2020
File by June 1: Get More Federal Benefits
Today is the day that Canadians who qualify should have received their OAS and CPP government benefits and the next payment is June 26. But a new tax-free benefit of $300 will also arrive soon.
Refundable tax credits will continue to be calculated based on 2018 family net income until a tax return is filed for the 2019. As we noted elsewhere in this KBR edition, that deadline has technically been moved to September 1. But if the 2018 tax return was not filed, Canadians are not only missing out on refunds, but also the benefits that can help pay the bills.
So now is the time to nudge the procrastinators to file their overdue tax returns for 2018 in order to maximize refundable tax credits they may be missing out on. Plus, they should ensure their 2019 tax returns are filed by June 1 to continue to receive family and worker benefits calculated based on their 2019 earnings. This is especially important if income dropped in the 2019 tax year; refundable tax credits may increase, or taxpayers may qualify for the first time.
Here’s a checklist of pertinent dates.
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For Seniors:
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Canada Pension Plan Benefits
Old Age Security
Guaranteed Income Supplement
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May 27, June 26
May 27, June 26
Late May, or early June
Late May, or early June
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For Families:
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Canada Child Benefit
GST/HST Credit |
May 20, June 19
July 3 |
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For Low Income Workers:
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The Canada Worker’s Benefit Advance Payment (one half the benefit can be received quarterly) |
July 3 |
Additional educational resources: One-time payments received under some of these programs are part of the COVID-19 Emergency Response Benefits. Learn more: take the Emergency Pandemic Benefits Response Course online, which includes 9 recorded speaker sessions. You’ll earn 10 CE credits and be well-positioned to provide sound advice for tough times. This course features outstanding, detailed content on the tax and financial planning effects of an unprecedented event that will impact individuals, families and businesses alike today and in the future. The value is priceless: your clients want to know how to access support in their most difficult financial hours. Feel more confident and in-the-know about the government supports – and significant debt and audit risk – your clients might be signing up for.
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