Provincial payments in Canada refer to various financial benefits and credits provided by the provincial governments to eligible residents. These payments are often administered by the Canada Revenue Agency (CRA) on behalf of the provinces. Some examples of provincial payments in Canada include:
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Ontario Trillium Benefit (OTB): This is a combined payment that includes the Ontario energy and property tax credit, the Northern Ontario energy credit, and the Ontario sales tax credit. It is issued monthly, usually on the 10th of each month, starting in July 2023.
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Canada Child Benefit (CCB): This is a monthly payment available to parents and caretakers of children. It includes related provincial and territorial programs and is delivered in a single monthly payment. The payment dates for 2023 are listed on the CRA website.
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Equalization payments: These are payments made by the federal government to provinces with lower fiscal capacity to ensure that all Canadians have access to a comparable level of public services. The payment amounts are decided relative to a provinces estimated fiscal capacity, or ability to generate tax revenues.
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One-time cost of living relief: This is a one-time payment provided by some provincial governments to eligible residents to help with the high cost of living. For example, the Government of Newfoundland and Labrador provided a one-time cheque of up to $500 to residents of the province who have reached the age of 18 years old as of December 31, 2022 and who filed a 2021 tax return with an adjusted income of $125,000 or less.
Overall, provincial payments in Canada are designed to provide financial assistance to eligible residents and ensure that all Canadians have access to a comparable level of public services.
