The one-time $500 top-up to the Canada Housing Benefit is the other government financial source that qualified Canadians will soon have access to. According to the CRA, the application procedure for this financing will start on Monday, December 12.
Low-income renters who pay rent for their own principal residence in Canada and have adjusted net earnings below $35,000 for families or $20,000 for individuals are eligible for this programme.
Applicants must affirm the following in order to be eligible to receive the $500 payment to assist with rent:
- Have filed their 2021 income tax and benefit return;
- Are at least 15 years of age as of Dec. 1, 2022;
- Are a resident in Canada for tax purposes in 2022;
- Have their principal residence in Canada as of Dec. 1, 2022;
- Have paid rent for their own shelter in 2022; and
- Have paid at least 30 per cent of their 2021 adjusted net family income on rent in the 2022 calendar year.
Applicants must be prepared to supply some basic information, like their address, who they paid their rent to and how to get in touch with them, as well as how long they remained at each house if they moved throughout the year and how many months they spent at each one.
Similar to the dental benefit, the CRA advises direct deposit as the quickest and simplest method of receiving this money. If direct deposit is enabled, the anticipated wait time for payments is five business days, however receiving a cheque by mail might take ten business days.
In this situation as well, applicants must maintain all supporting evidence in case the CRA needs it to verify their eligibility in the next six years. Receipts for rental properties, tax forms, and landlord contact information are all included.
If applicants are shown to be ineligible, the benefit will need to be repaid.