Canada offers various housing benefits to support its citizens, including renters. One of these is the Canada Housing Benefit, co-funded and delivered by the provinces and territories. Here’s an in-depth look at the benefit, who is eligible, how to apply, and more.
Canada Housing Benefit
The Canada Housing Benefit includes several programs such as:
- Multigenerational home renovation tax credit
- Home Buyers Plan
- Home Buyers Amount
- First Home Savings account
- Funding for Indigenous housing
- Canada Greener Homes initiative
- GST/HST new housing rebate
- First-time home buyer incentive
The Canada Housing Benefit is administered at both federal and provincial/territorial levels, meaning eligibility and benefits can vary by region.
One Time Top Up
A special one-time top-up payment of $500 was introduced to help low-income renters.
| Name | One-time top-up to the Canada Housing Benefit |
|---|---|
| Administering Body | CRA (Canada Revenue Agency) |
| Payment | $500 |
| Type | Tax-free one-time payment |
| Individual Requirements | Adjusted family net income (AFNI) of $20,000 or less |
| Family Requirements | AFNI of $35,000 or less |
| Website | canada.ca |
Eligibility
To be eligible for the Canada Housing Benefit, the following criteria must be met:
- Age: At least 15 years old as of December 1, 2022
- Residency: Canadian resident
- Principal Residence: Must have been in Canada on December 1, 2022
- Income: AFNI of 2021 must be $20,000 or less for individuals, or $35,000 or less for families
- Rent: Rent paid in 2022 must be for a qualifying principal residence and equal at least 30% of 2021 AFNI
Specific to One Time Top Up
The one-time top-up to the Canada Housing Benefit was designed to provide extra financial support to those struggling with rental costs. Eligible applicants received a tax-free payment of $500.
Payment Dates
The Canada Housing Benefit, including the one-time top-ups, is distributed by the provinces. These payments usually take 5 to 7 working days by direct deposit or 10 to 12 working days by mail.
How to Apply
Applications for the one-time top-up could be submitted via the CRA’s My Account portal. Here’s a step-by-step process:
- Sign Up or Log In: New users need to sign up for My Account, while existing users can log in.
- Submit Application: Complete and submit the application for the one-time top-up.
- Verification: The CRA may contact applicants for additional information if needed.
Applications could also be submitted through a web form on the CRA website.
Application Deadline
The application period for the one-time top-up was from December 12, 2022, to March 31, 2024. As of now, the deadline has passed, but the CRA will announce if applications open again.
Benefit for Renters
The one-time top-up was particularly aimed at renters facing housing affordability challenges. This $500 payment was tax-free and did not need to be reported on income tax returns. It also did not affect other government benefits.
The Canada Housing Benefit, particularly the one-time top-up, has provided significant support to renters in need. While the application deadline for the current top-up has passed, renters should stay informed about future opportunities. This benefit exemplifies the government’s commitment to making housing more affordable for all Canadians.
FAQs
Who is eligible for the one-time top-up?
Individuals with an AFNI of $20,000 or less or families with $35,000 or less.
How much is the one-time top-up payment?
The payment is $500.
Is the one-time top-up payment taxable?
No, it is a tax-free payment.
How can I apply for the Canada Housing Benefit?
Applications were submitted through the CRA’s My Account portal or a web form.
When was the deadline for the one-time top-up application?
The deadline was March 31, 2024.
