If you live in Canada, we might have some good news for you. Recently the government announced the Climate Action Incentive Payment (CAIP) program. This program aims to balance the costs of federal pollution taxes in Alberta, Saskatchewan, Manitoba and Ontario.
Thus, you will be getting more money from the government throughout the year. This article lists everything you should know about the program.
What is CAIP?
Starting from July 15th, people living in a few key provinces in Canada could be eligible to receive CAIP. The CAIP is a credit that aims to balance the carbon pricing. So, it is a tax-free payment that may be given to residents of certain provinces who might be feeling the effects of federal pollution pricing.
CAIP will be paid in four payments throughout the year. So, these payments are going to replace the payments that were made annually during tax time.
Residents of Alberta, Saskatchewan, Manitoba, and Ontario are eligible to get more money back from the government. Furthermore, there are some other changes coming to the incentive too. This can also help you get more money.
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The exact amount of money that a household will get depends on a variety of factors. Your family situation and the province you live in are just some of the factors that will determine the amount. However, these payments are universal. They are not just based on adjusted family net income.
For instance, if you are a family of four living in Ontario, you can get $745 over the 2022-23 fiscal year. However, the same family is living in Manitoba, then they will get $832. Similarly, a family living in Alberta will get $1,079. But a family living in Saskatchewan can expect $1,101.
Moreover, you can get an additional 10%if you qualify as someone living in a rural or remote area.
Eligible Cities For CAIP:
The CAIP program applies only to residents of Alberta, Saskatchewan, Manitoba, and Ontario whose primary residence is outside a Census Metropolitan Area (CMA), and they have continued to reside outside the same CMA on April 1, 2022. Click here for list of Census Metropolitan Areas (CMA) ineligible for this benefit.
How to Apply?
You don’t need to do anything to get the money. If the Canada Revenue Agency (CRA) feels that you are eligible, they will credit the money to your account. So, you don’t have to apply for it.
However, you should have filed your taxes for the year 2021.
You will receive a “double-up” first payment. So, you will get both the April to June and the July to September payments at the same time. After that, the payments will be in October 2022 and January 2023.
Also, this is not the only change that the government has made. There are various other plans to ease the financial stress for Canadians. Moreover, the Canadian Workers Benefit has been updated, which might give you another $1k from the government.