Climate Action Incentive Payment Amounts for 2021 (Carbon Tax Rebate)

[barbis9]

2022 Carbon Rebate Payments have increased.

https://www.canada.ca/en/department-...r-2022-23.html

Thanks for posting. I heard that in Ontario, we got less than what we were entitled to last year on the news.

[Ciel21]

Just as I expected-more info released after the April 7 budget. Yay.Here's hoping I am around to collect the first two quarterly payments, but I would not put money on that.

[tjthemanto]

The first payment will be double in July, as April payment which they are not paying, will be added to it.

50% in July, 2022 (Double Payment)
25% in Oct, 2022 and
25% in Jan 2023.

After that going forward it will be paid:

25% each in April, July, Oct and Jan.

[tjthemanto]

July 15 - First Payment should come.

The first payment will be double in July, as April payment which they are not paying, will be added to it.

50% in July, 2022 (Double Payment)
25% in Oct, 2022 and
25% in Jan 2023.

After that going forward it will be paid:

25% each in April, July, Oct and Jan.

[tjthemanto]

My Account in CRA is already showing the amount for July 15 payment - under benefits & credits.

If you want to see how much you are going to get.

[Ciel21]

Yes, I saw my credit listed and printed off the list for the other credits in October as well. Glad I could access My Account yesterday.
Then I can ignore it for the rest of 2022.

[Frugalbigmama]

oohh I wonder if I will receive some $$ tomorrow!

[princessjen]

Under my CRA account it says I am getting $186.50. I thought it was supposed to be like $373 for a single person? Am I wrong?

[GoodBoy]

That is the amount for the 12 month period. If you go into your detailed information on your CRA page it will show you your payment schedule for the next 12 months.

My payments are
- July 15 2022 (double up payment since there was no payment in April 2022)
- October 14 2022
- January 13 2023

From the general information page (not your detailed page)
"When will you get your payments If you’re entitled to receive the CAIP, you can expect to receive them on the 15th of April, July, October and January. Once your 2021 Income Tax and Benefit return is processed and if you are entitled, the first payment will be issued on July 15, 2022 and will include a retroactive amount for April 2022."

Under my CRA account it says I am getting $186.50. I thought it was supposed to be like $373 for a single person? Am I wrong?

[Ciel21]

@princessjen You got 1/2 of your benefit. That's the only sweetener of this new quarterly payment system. Handy for a hot summer but it would have been better if the whole amount was sent out. And I'd add-it would have been nice to have had it added to the OTB payment on July 8. I made two separate bank visits for HST and OTB (I got cheques as my direct deposit info was not updated by CRA side in June). So relieved today's CAI amount was direct-deposited!

Personally, I am not fond of having 3 different tax credits on 3 different days in July (hot weather...time...not enough watermelon).

And the CAI benefit is only around for another year (it's not forever, rather it's a softener of the fact that carbon taxes are going to cost us going forward-check your utility bills!) after this round of payments concludes in January.

[tjthemanto]

Under my CRA account it says I am getting $186.50. I thought it was supposed to be like $373 for a single person? Am I wrong?

Further payments will come on Oct. 15, and Jan. 15.

[Shwa Girl]

@tjthemanto , @Blunt , I guess the best thing to do with this money is to pay down bills, then apply to mortgage/car payment? After that, put in TFSA? Agree/disagree? Thanks

[Ciel21]

@ShwaGirl If your budget allows, this might be a time to add to your property's tree cover or rainwater capture abilities to help offset future humid summers. We are all sponges in this heat.

I've used most of mine cash for drinks/snacks to cope with heat plus first aid and a gift (last one for a tot). Had the entire CAI payment been provided in APril or July, I would have liked another bag of soil to fix the yard (so many holes from chipmunks and critters looking for grubs) and grass seed.

[brunt]

@tjthemanto, @Blunt, I guess the best thing to do with this money is to pay down bills, then apply to mortgage/car payment? After that, put in TFSA? Agree/disagree? Thanks

No fixed answer, but I would tend to think of this mathematically...

Not just for this money, but whenever a chunk of cash comes your way. Ask yourself what gives you the biggest bang for the buck?

1) If you don't have a chest freezer, then this is one of those purchases where if you don't save the money back in six months, then you are doing it wrong. One of the best possible investments that you can ever make.

2) If you don't have an emergency fund, then put the money there. If a single car or dental issue can make a large problem for you, then you should try to get some money set aside and not touch it except for true emergencies.

3) If you have any debt, then pay off the highest interest rate first. If the debt happens to be credit card debt on which you are paying interest, then cut up your cards, and pay them down.

4) Sure TFSA or RRSP is possible, but you have to think about what it will be earning. If you are just going to be getting 1% in GICs, then it may not be worth the effort - especially if you have outstanding debt. Bank stocks are paying good dividends - CIBC is currently at 5.2% dividend. If you don't know what that means, then you may want to learn the ropes before investing. (Not meaning to come across as snobby here, it is not that hard to lean, and with the Internet, there are scads of sources of information).

But basically brainstorm, and come up with a list of possible places where you can put the money. Think hard about it and come up with a realistic estimate of how much your investment is going to return to you (including paying down debt which will "pay" you to not have to pay interest). Often, the answer will simply fall out of this simple analysis.

[tjthemanto]

Climate action incentive payment (CAIP) credit will be this month on October 14, 2022.

Also known as Carbon Rebate payment.

I think almost everyone who has filed income tax gets it irrespective of income level unlike GST credit.