Canada’s Climate Action Incentive payment could save you money on your taxes this year

Depending on where you live in the country, you might qualify for the Climate Action Incentive Payment Program (CAIP) on your taxes, and this year, eligible people can get even more than years. previous ones.

the CAIP was set up by the Canadian government to help offset the costs of federal pollution taxes in certain regions of the country.

People living in Alberta, Saskatchewan, Manitoba and Ontario are eligible for this chance to get money back at tax time.

However, according to tax experts from H&R blockthere are some changes to the incentive this year which could mean more back in your pocket.

First, the program expands from a one-time tax credit to four regular payments throughout the year. However, you will still need to have completed your taxes that year to be eligible.

Along with this change in delivery, there will actually be a 24% increase in payment for Ontarians over last year. That might look like around $373 for individuals, with a family of four receiving up to $745 throughout the year. Not too bad.

Along with this, some people living in rural areas of eligible provinces can also get an additional 10% rebate due to the different energy needs that rural Canadians face.

Of course, this is not the only credit or benefit you may be entitled to on your taxes. Depending on what your 2021 looked like, there are tons of ways for you to get funds back at tax time.

There are benefits for people who have bought a new house, who have moved, who are going to school and all sorts of things in between.

The deadline for taxes this year is April 30, but since it’s a Saturday, the Canada Revenue Agency is allowing Canadians to submit their taxes until May 2.

The cover image of this article was used for illustrative purposes only.

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Elaine R. Knight