New! Quarterly Payments for the Climate Action Incentive!

As announced on December 3, 2021, the Climate Action Incentive (CAI) will be delivered quarterly, starting in July 2022. The CAI will no longer be paid as a refundable credit on the T1 income tax return.

CAI Payments

CAI payments will be delivered at the beginning of each quarter. To give the Canada Revenue Agency (CRA) sufficient time to develop the new system, payments will start in July 2022 with a “double-up” payment. This payment would return proceeds from the first two quarters of the 2022-23 fuel charge year (April 2022 to March 2023).

The CRA will determine the actual payments for each quarter based on the information they have on file at the time.

The amount one would receive depends on each individual’s situation. Payments will NOT be calculated or paid if the 2021 Income tax return has not been prepared.

The supplement for Residents of Rural and Small Communities will continue. This is in recognition of increasing energy needs and reduced access to alternative transportation options, residents of rural and small communities will have their payments increased by 10 percent.

IF you are apart of a county that is connected to a city that has a population of 100,000.00 people or more the county would not qualify for the 10% top up.

The total payments schedule is broken down in the following charts.

For more information please contact an associate at Tax2000 by calling 1-866-426-4570 or email at info@taxprofile.com