Many Ontarians were issued a double carbon tax cut on Friday.
The Climate Action Incentive Payment (CAIP) is a tax-free amount that is paid to people in Ontario, Alberta, Saskatchewan and Manitoba to help offset the costs of the federal carbon tax.
The four provinces are the only ones with federal pricing systems.
Read more: Alberta residents will receive a double carbon tax reduction this week
All other provinces have their own carbon pricing systems that meet federal minimum standards.
The federal government claims that the amount that individuals receive through the CAIP is more than they pay as a result of the federal carbon pollution pricing system.
The payment issued to Ontarians on Friday included a retroactive amount for April.
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According to the federal government website, Ontarians can expect an overall credit of $ 373 in 2021 for one person, $ 186 for a spouse or common-law partner, $ 93 for a child under 19 and $ 186 for a first child of a single-parent family.
For residents of small and rural communities, the payment includes a rural supplement of 10 percent of the base amount.
The year 2022 is the first time that the bonus is paid quarterly, with payments on April 15, July, October and next January. Previously it could be claimed as a refundable tax credit.
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“Once your 2021 Income Tax and Income Tax return has been processed and you are eligible, the first payment will be issued on July 15, 2022 and will include a retroactive amount for April 2022,” says the federal government.
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“If you receive a direct income tax refund, you will also get your CAIP for direct income.
“If you have a tax debt with the CRA, the CAIP will apply to amounts due to income tax balances or amounts due to other federal or provincial government programs.”
If the CAIP is not received on the scheduled date, the government asks that you wait 10 working days before contacting them.
– With archives of The Canadian Press
If you are eligible for the Climate Action Incentive Payment, you will receive your payments on the 15th of:
📆 July 2022 (includes a retroactive payment for April) 📆 October 2022📆 January 2023
More information ➡️ #CdnTax pic.twitter.com/6GQtryBlAy
– Canada Tax Agency (@CanRevAgency) July 14, 2022
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