A one-time tax-free payment of $500, announced in September 2022, is now available to low-income renters. The payment does not reduce other federal income-tested benefits.
Eligible individuals must:
- be 15 years of age or older on December 1, 2022;
- be resident in Canada for tax purposes in 2022;
- have filed their 2021 tax return with adjusted net income below $35,000 for families or $20,000 for individuals. If the individual has a spouse or common-law partner, they must have also filed the return. Eligible individuals that were non-residents in 2021 will need to submit a 2021 statement of income;
- have paid rent for their principal residence in calendar 2022 equal to at least 30% of the applicant’s adjusted family income.
Applicants must provide the address of the rental property, the total rent they paid in 2022, and the landlord’s contact information.
Applications can be submitted until Friday, March 31, 2023, through CRA’s My Account, an online application Form, or by phone (1-800-282-8079).
The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a further review should be done by a qualified professional.
No individual or organization involved in either the preparation or distribution of this letter accepts any contractual, tortious, or any other form of liability for its contents.
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This blog is made available by FCPC Group for educational and general information purposes only. This should not be used as a substitute for professional accounting and tax advice. For more information, consult a chartered professional accountant.