what is advanced cwb

what is advanced cwb

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The Advanced Canada Workers Benefit (ACWB) is a program that provides advance payments to eligible individuals and families who are working and earning a low income in Canada. The ACWB is part of the Canada Workers Benefit (CWB), which is a refundable tax credit designed to help individuals and families who are working and earning a low income. The ACWB provides advance payments equal to 50% of the CWB across three payments, starting in July 2023 and based on the 2022 taxation year. The ACWB initiative puts more money in the workers pockets to help cope with the rising cost of living.

To be eligible for the ACWB, individuals and families must be eligible for the CWB and have received it in 2022. There is no need to apply for the ACWB if you received the CWB in 2022. The Canada Revenue Agency (CRA) will determine your eligibility when you file your income tax and benefit return. If youre entitled to a CWB amount on line 45300 of your income tax and benefit return, the CRA will automatically send you payments. To receive the advanced payments, the CRA must receive your income tax and benefit return before November 1 of the benefit period.

The amount of ACWB payments you can expect to receive depends on your income and your province or territory of residence. The maximum basic amount for the CWB is $1,428 for single individuals and $2,461 for families. The amount is gradually reduced if your adjusted net income is more than $23,495 for single individuals and $26,805 for families. No basic amount is paid if your adjusted net income is more than $33,015 for single individuals and $43,212 for families. The maximum amount for the disability supplement is $737 for single individuals and $737 for families. The CWB disability supplement is gradually reduced if your adjusted net income is more than $33,018 for single individuals and $43,210 for families. No disability supplement is paid if your adjusted net income is more than $37,932 for single individuals and $43,210 for families.

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