Due to inflation and the rising cost of living, the Government of Canada has announced a one-time top-up benefit for low-income renters, providing $500 to qualifying individuals and families.
Crowe MacKay's tax advisors share who is eligible as well as the application criteria to receive the $500 benefit. If you require assistance, connect with us in Alberta, British Columbia, Northwest Territories, or the Yukon.
Housing Benefit Eligibility
The top-up program is for low-income renters with adjusted net incomes (i.e. net income from the T1 return adjusted for any universal child care benefit and registered disability savings plan amounts received or repaid) below $35,000 for families or $20,000 for individuals. Applicants must have paid at least 30% of their 2021 adjusted net income on rent in 2022.
In order to be eligible, applicants must confirm they:
- Filed their 2021 income tax return or statement of income
- Are at least 15 years of age as of December 1, 2022
- Are a resident of Canada in 2022 for tax purposes
- Have a principal residence* in Canada as of December 1, 2022
- Had 2021 adjusted family net income of:
- $35,000 or less for families
- $20,000 or less for individuals
- Paid 2022 eligible rent:
- In the 2022 calendar year
- For any qualifying principal residence in 2022
- Equal to at least 30% of their 2021 adjusted family net income
*Principal residence is the place where an individual normally lives and pays rent, such as a house, condominium, apartment, duplex, college or university residence, trailer, mobile home, or houseboat.
Confirm Your Eligibility & Apply
To determine if you are eligible for the one-time housing benefit, set-up or utilize your My CRA Account or My Service Canada Account. Your account will show your eligibility status and allow you to submit an application.
Applications are open until Friday, March 31, 2023.
This article has been prepared for the general information of our clients. Please note that this publication should not be considered a substitute for personalized advice related to your situation.
If you are looking for Tax Services, Crowe MacKay provides personalized support. Our tax professionals will help you maximize tax-planning opportunities and ensure the minimum amount required by law is paid.