The Canada Workers Benefit (CWB) is a refundable tax credit to help individuals and families who are working and earning a low income. CWB has two parts: a basic amount and a disability supplement.
The maximum basic amount you can receive is;
- $1,428 for single individuals
The amount is gradually reduced if your adjusted net income is more than $23,495. No basic amount is paid if your adjusted net income is more than $33,015.
- $2,461 for families
The amount is gradually reduced if your adjusted family net income is more than $26,805. No basic amount is paid if your adjusted family net income is more than $43,212. However, the amount you can receive for the CWB depends on your income and territory of residence.
The maximum amount for the disability supplement is;
- $737 for single individuals
The CWB disability supplement is gradually reduced if your adjusted net income is more than $33,018. No disability supplement is paid if your adjusted net income is more than $37,932.
- $737 for families
The CWB disability supplement is gradually reduced if your adjusted family net income is more than $43,210. No disability supplement is paid if one spouse is eligible for the disability tax credit and your adjusted family net income is more than $48,124, or if both spouses are eligible for the disability tax credit and your adjusted family net income is more than $53,037.
Are You Eligible?
You are eligible for the CWB if you;
- Earn working income;
- Are a resident of Canada throughout the year;
- Are 19 years of age or older on December 31, or you live with your spouse or common-law partner or your child.
To claim the Canada workers benefit, you must either do your taxes electronically or fill out and submit Schedule 6, Canada workers benefit if you are filing a paper return.
What Next?
Do you know the 2023 Canada tax year is ongoing and will come to a close shortly on May 1, 2023? Here’s a call to put your personal income tax affairs in order, and stand a chance to obtain specific tax benefits, even if you have no income.
At EMCA, we help students including newcomers to file their taxes so they can claim as much deductions, refunds and credits that they are entitled to. Our tax consultants are ready and glad to help you with this. Click here to begin today!
