There are a couple of tax credits which may provide you direct cash benefit if you prepare and file your tax return to the CRA. Therefore, consider it seriously!
Federal (GST/HST) credit
Canadian Tax system provides a maximum annual credit of $255 GST/HST credit for an individual or a couple, and $60 for each child under 19 years which is paid quarterly. A single person would receive the credit for July 2020 to June 2021 if their 2020 income was $44,000 or less. To apply for the GST/HST credit, you must file a personal income tax return.
Provincial (Nova Scotia Affordable Living Tax Credit)
It provides a maximum annual credit of $255 for an individual or a couple, plus $60 for each child if your family income is less than $30,000. The credit is reduced by 5% of adjusted family net income over $30,000.
Federal (Canada Child Benefit)
You may be eligible for CCB if you live with a child who is under 18 years, and you or your spouse is Canadian Citizen, Permanent resident, temporary resident (lived in Canada 18+ months with a future valid work/study permit). The maximum Canada child benefit you could get is
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$6,765 per year for children under 6, and
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$5,708 per year for children aged 6 to 17.
Your Canada child benefit is based on your family income from the previous year, the number of children in your care, and the age of your children. You may calculate your own status by using a CCB calculator provided by MoneyPlant Accounting Inc.
Provincial (Nova Scotia Child Benefit)
If you have a family, and have child of under 18, you may be entitled to a benefit of:
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$77.08 per month for the first child;
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$68.75 per month for the second child; and
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$75.00 per month for each additional child.
All of these benefits are tax-free amounts paid to the individual’s bank account directly to help low-and modest-income families.
If you know someone under this category may pass this message to them! There is a video from the Canadian Government on Benefits and Credits for Newcomers to Canada.
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