Here's Why Some Canadians May Have Just Received A Direct Deposit From the Feds
Did you just get money from the government?
Canadian dollars.
Canadian residents from four provinces will find their bank balance slightly higher than when the day first started.
Thanks to the federal government’s Climate Action Incentive Payment (CAIP) program, residents of Alberta, Saskatchewan, Manitoba and Ontario are scheduled to receive direct deposits on Friday, October 14.
This is the second installment of the quarterly Climate Action Incentive (CAI) payment program.
What is the Climate Action Incentive Payment program?
\u201cIf you\u2019re eligible for the Climate action incentive payment, you\u2019ll receive your payments on the 15th of:\n\n\ud83d\udcc6 July 2022 (includes a retroactive payment for April)\n\ud83d\udcc6 October 2022\n\ud83d\udcc6 January 2023\n\nMore info \u27a1\ufe0f https://t.co/WHbj8hGCgu #CdnTax\u201d— Canada Revenue Agency (@Canada Revenue Agency) 1657813810
To put it simply, the CAIP is a tax credit that is given out to offset the federal pollution pricing system.
While, in all other provinces, direct proceeds are returned to the governments of those jurisdictions, for the four provinces listed above, proceeds are returned directly to residents.
This will mark the second time these payments have been doled out. The first time was in July, and it was actually a double-up payment for April-June and July-September.
That being said, the amount you receive on October 14 depends on where you live and your family situation.
"An average family of four will receive $186.25 in Ontario, $208 in Manitoba, $275.25 in Saskatchewan, and $269.75 in Alberta. Families in rural and small communities are also eligible to receive an extra 10%."
If you live in either of these four provinces and are registered for direct deposits from the CRA, you will be able to see these payments in your bank account under "Climate Action Incentive", although the wording may change depending on your financial institution.
Those not registered for direct deposit can expect a cheque mailed to them.
The next installment will be made in January 2023.
This article's cover image was used for illustrative purposes only.
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