Beginning in 2024, the Government of Canada is providing a $300 Federal Payment to help low-income Canadians. This payment is offered one time to help people and families to pay for essential expenses such as rent, groceries, and utility bills particularly in light of increased living expenses via inflation.
What is the $300 Federal Payment?
A $300 federal payment is an economic assistance program for people with economic difficulty. The payment served as a means to support people in financial burden through the efforts of the Canada Revenue Agency (CRA). It provided a one time assistance payment rather than ongoing benefits to help Canadians with paying for living essentials.
The $300 payment will be distributed by the CRA along with other benefits like checks for the Canada Pension plan (CPP) or payments for Old Age Security (OAS). This was important for lower income clients to receive payments simultaneously with other supports.
Eligibility Requirements
To access the $300 payment, you must meet the below requirements:
Be a resident of Canada.
Be 19 years or older.
Be a tax filer with the CRA.
Be low income according to federal standards.
If applicable have children under age 18 to access related benefits.
The payment will seek to support seniors, as well as people with disabilities and lower income families who are likely to be hardest hit by the related economic hardship.
Timing of Payment
The $300 payment will occur in the last week of the month but the exact dates may vary per location and benefit. For example, as indicated before, the other related benefits would also be paid towards the beginning of the month, which would provide individuals with multiple benefits in one month for client support.
Supplemental Assistance Program
There are several additional programs that help low-income Canadians besides the one-time $300 payment. These programs include:
• Canada Child Benefit (CCB), which is a monthly assistance program for parents of children;
• Alberta Child and Family Benefit, which is income contingent and based on eligibility;
• GST/HST Tax Credit, which is relief to the recipient based on income;
Steps for Eligible Individuals
If you think you qualify for the $300 payment, be sure to:
• Make your income level and tax status eligible or check eligibility to receive the second payment.
• Change the following personal information (name, personal address, and banking information) in your CRA profile to receive the second payment in respect of the delayed payment resolution; and,
• Be aware of the scheduled payment dates in the payment system to identify when the scheduled amount should be processed for deposit.
The CRA will automatically process the payment, so you do not have to apply if you are eligible. Financial assistance is important to many Canadians experiencing increasing living costs to ensure timely payment of financial obligations.
