Updated on February 7, 2024
In this article, you’ll find details about the recently launched $500 Housing Benefit, including when it will be deposited into your account. The Federal Canadian Government, through the Canada Revenue Agency, is providing monthly financial assistance to low-income Canadians for housing. This support is determined by household income and average market rent. The initiative aims to aid individuals and households facing the challenges of rising living costs and inflation. Keep reading to discover more about the $500 Housing Benefit, its payment schedule, and additional information.
$500 Housing Benefit Started
In response to the growing inflation, the Canadian Government is now providing housing benefits to eligible low-income Canadians. This one-time benefit is available to all residents across Canadian provinces. Alongside the housing benefits, residents can also access the multigenerational Home Renovation tax credit, a first home savings account, GST/HST new housing rebate, and various other federal incentives.
The Canada Revenue Agency has initiated the distribution of $500 Housing Benefits to residents of the provinces. Eligible Canadians can expect to receive this payment after submitting the federal application form. Before getting the Canada Housing Benefits, recipients must qualify for a top-up application. The government aims to assist individuals whose net gross income falls below the federal income threshold through this payment.
When is it coming to Your Account?
In February 2024, the $500 Housing Benefit is set to arrive, with eligible recipients receiving it as a direct deposit into their bank accounts. In light of the challenging rental landscape marked by a notable surge in inflation, these benefits aim to support renters. The $500, offered as a tax-free payment, will be added to existing Canada Housing Benefits, providing assistance to individuals and families grappling with the rising costs of rent.
Anticipate the arrival of the $500 Housing Benefit in February 2024. To check your payment status, beneficiaries need to visit the main portal and access My Service. Make sure to review the essential terms and conditions that pave the way for the benefits to reach your account. These benefits aim to assist low-income renters with their housing costs, and eligibility is determined as a minimum of 30% of their AFNI.
Payment Dates and Eligibility
The application form for the $500 Housing Benefit is now open. The Canada Revenue Agency will roll out the benefits to various Canadian provinces and territories on different dates. Beneficiaries need to meet the federal eligibility criteria to qualify for the housing benefits. To be eligible for this payment, participants must have an adjusted gross income ranging from 20,000 CAD to 35,000 CAD.
This payment, amounting to thirty percent of your adjusted net income, is designed to help cover your rent. To qualify, you must be a resident of Canada for tax purposes in 2022, be at least 15 years old, and have filed your 2021 income tax return with the CRA. The $500 Housing Benefit is distinct from federal monthly benefits and does not impact their cost.
To apply, eligible recipients must submit a CHB application through the CRA portal. This benefit, launched in 2023 to support low-income tenants, is claimed after filing your taxation return and application with the Canada Revenue Agency.
Within the CRA portal, applicants can select the $500 Housing Benefit from the available services. While the payment date is yet to be announced, eligible recipients can expect to receive these federal benefits in February 2024. The assistance provided is tailored to your tax-related information.