October 14:  Expect a Treat in your Bank Account

For taxpayers who filed a 2021 tax return in Alberta, Saskatchewan, Manitoba or Ontario a second Climate Action Incentive Payment (CAIP) will be in your bank account on October 14.  Those who did not file a tax return yet, should get on it, as the CRA is not paying interest if you are claiming these rebates late. 

Here are the details:

First, the amounts payable are reflected in the chart below:

For the 2021 base year only, the eligibility is determined in July 2022, not April 2022. Therefore, you must be eligible from July 2022 to receive the July 2022 double payment. No payment will be issued for a person who was only eligible in April 2022.

Going forward, those entitled to receive the CAIP, can expect to receive payment on the 15th of April, July and October 2022 and January 2023.  First payment in July was doubled up. The next payment in October will be one quarter of the eligible amount.

For those in rural areas, the CAIP includes a rural supplement of 10% of the base amount.  However, you must have filed a tax return and completed Schedule 14. 

Note: Late filers will lose out in two ways – they will not get the CAIP until they do file, and the CRA does not give interest on any CAIP underpayments; nor do they charge interest on overpayments that have to be repaid.

Bottom Line:  File your 2021 tax return as soon as possible to take advantage of these rebates that occur throughout the year.

Evelyn Jacks is President of Knowledge Bureau, a national designated educational institute focused on World Class Financial Education. For information about certificate courses leading to specialized credentials see www. knowledgebureau.com or call 1-866-953-4769.

Additional Educational Resources:

CONTINUING EDUCATION

1. DAC2022 Register by September 30; November CE Summit Register by October 14
2. Check out the course Your Tax Filing Rights and Obligations which provides an overview of what is required of you during an audit and what to do when you don’t agree with CRA.

SPECIALIZED CREDENTIALS

Register by October 31 for our Tax Efficient Retirement Income Planning certificate course.

WORKPLACE TRAINING

Register by October 31 for our Tax Efficient Retirement Income Planning certificate course.

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