Canada Revenue Agency (CRA) administers all the federal tax laws and policies of the country. It is the revenue service of the federal government of Canada. It delivers benefit programs and tax credits. The main motive of CRA is to financially support Canadian citizens through its various benefit programs.
Canada Revenue Agency provides these below benefit programs to the citizens of Canada.
Canada Workers Benefit:- The CWB is given to low-income employees. It is a reimbursable tax credit. An individual who is employed and has low income can claim CWB, at the time of their tax return.
Child Disability Benefit:- It is a monthly tax free payment. CDB is provided to the caretakers of the mentally or physically injured/specially abled child.
Old Age Security:- It is provided to the elderly citizens of the country. People who are 65 and above are eligible for the OAS. It is a monthly payment, usually given at the end of the month.
Canada Pension Plan:- It is a monthly retirement pension plan. It is a taxable payment provided to the senior citizens of the country. After their retirement, it changes the portion of their earnings.
Canada Child Benefit:- It is a monthly non-taxable payment. It is provided to the families who have children under 18 years. CCB aims to provide financial support to low and middle-class families in raising and providing a healthy life for their children.
Employment Insurance:- It is provided to the people who have lost their jobs and are not guilty. They are currently available and searching for a job but are unable to find any.
Guaranteed Income Supplement:- It is also a non-taxable monthly payment. The payment is only given to the low-income retirees after the age of 65.
Riya Claire is the Editor-in-Chief of the East Hampton Chamber Portal. She holds a degree in Mass Communication, an MBA in Finance, and a diploma in HR, making her a versatile professional for an online portal