The Canadian residents might expect the $500 Canada Housing Benefits Coming in June. It will be accessible to the renters and low income households who cannot afford to own a house and spend a large share of their annual income on paying the rents for the accommodation. 1.8 million Renters and low income families might be eligible for this housing benefit worth $500 so that they can pay the housing rents with ease without affecting the regular life much.
$500 Canada Housing Benefits 2024
Back in 2022, the federal government announced the housing benefits worth $500 for the low income and renters so that you can have access to a better accommodation facility. It aimed to reduce the financial burden which the monthly housing rent put on the shoulders of the low income families. In 2022, it was a one-time top up direct support to the eligible families of low income households.
But the families have to meet certain income limits as the guidelines of the Canada Revenue Agency. When this payment last announced in December 2024, there was annual income limit of $35000 for a family of four and $20000 for an individual filer. To administer the hosing benefits scheme, the CRA is going to use information of taxpayers mentioned under the subparagraph 241 (4) (d) (xxi) of the income tax act 2024. If announced in this month, the housing benefits worth $500 will be a tax free income for the individual residents.
Canada Housing Benefits Worth $500 Quick Highlights
| Title | Canada Housing Benefits of $500 coming in October2024 |
| Official Agency | The CRA |
| Country | Canada |
| Expected Payment Dates | Possibly October 2024 |
| Official Website | www.canada.ca |
Eligibility for Canada Housing Benefits
This housing benefit act is a new legislation from the CRA to enable the low income families to cover up the cost of the housing accommodation. If you want to make use of this housing benefit, you are required to follow specific rules so that you can receive the payments at earliest. Apart from meeting the annual income limits of $35000 and $20000 for couples and individuals respectively, you have to meet the below mentioned rules so that you get the benefits
- You are legal and tax purpose resident of Canada
- You have to be at least 15 years old on the 1st of month that housing benefit is announced
- Also you have been spending 30% of adjusted family net income on paying rent of the primary residence in Canada in 2023 if it is announced in 2024
- As the CRA will verify the age, income and residency for tax purposes
- If you are not the resident of Canada for tax purposes in 2023, you must be enrolled in Canada child benefits or goods and service tax/harmonized sales tax and for you, the adjusted family income will not be the criteria, but the world income is
- If you and your partner has applied for the housing benefits, the one who applied first will be able to get the payments worth $500
How to Apply for Canada Housing Benefits if You are a Renter?
Once it is announced, the CRA will accept the forms for the first 120 days. There are four ways a renter can apply for the housing benefits but all the information provided to the CRA should be self attested for the verification purpose.
- Through a website form on the Canada.ca (outside of the portal), through a website available on search engines
- Through my account LITE (a limited access version of my account at CRA)
- Via telephone through a CRA contact centre
- And through My Account, CRA’s secure web portal
All these methods are secure and follow privacy statement on the collection of information. The information and credentials will be secure and safe on these portals and websites. The CRA will also ask you to agree to provide the details about income, rent and other information asked in the application.
Application Process for Canada Housing Benefits
The application process will be streamlined by the CRA’s My Account portal. It will be less time consuming and complicated in comparison to the My Account LITE or through a Web Form. The agency will pre-populate data about the income and tax filing status of the applicants. Various verification processes and standard compliance will be followed. You need to provide below mentioned details about the rented house
- Address of your rental residence
- Name and contact details about the landlords
- The number of months you have lived at the address
- And total amount of rent you have paid for principal residence for 2023
The CRA will pre-populate the data from its official records when you are applying through the My Account Portal and it is completely secure. But if you are applying through other means, you have to provide every detail as the CRA will not compute it automatically.
NOTE– as of now in October2024, there is official information available at the web portal of the CRA. This article is formed on the basis of previous such housing benefit which was announced in December 2022.
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