what is the canada workers benefit 2023

The Canada Workers Benefit (CWB) is a refundable tax credit that helps individuals and families who are working and earning a low income. The CWB has two parts: a basic amount and a disability supplement, and it can be claimed when filing an income tax return. Starting in July 2023 and based on the 2022 taxation year, the CWB will provide advance payments equal to 50% of the CWB across three payments under the Advanced Canada Workers Benefit (ACWB) . The ACWB puts more money in the workers pockets to help cope with the rising cost of living. Anyone who received the CWB in 2022 will receive the advanced payments, and there is no need to apply. The CWB is divided into two main parts: the Basic Amount and the Disability supplement, and each of these parts has different eligibility conditions. Eligible workers can claim the benefits of the CWB if they do taxes electronically and follow the correct instructions in the software or they file paper returns and submit Schedule 6. The next CWB payment will be issued on October 12, 2023, and if individuals are entitled to receive the CWB, they can get up to 50% of their CWB as advanced payments. In addition, if they are entitled to receive the disability supplement, they will also get its 50% as advanced payments. The CWB is a refundable tax credit that tops-up the earnings of low- and modest-income workers and is indexed to inflation each year to help keep up with the cost of living.