The CRA is offering a benefit of $500, here's how to know if you're eligible!

This new benefit will provide a one-time payment of $500 to low income renters. It is targeted to help relieve some of the financial stress put upon renters due to the growing inflation of rental prices.

Eligibility Requirements:

• You are at least 15 years old on December 1, 2022
• Your principal residence was in Canada on December 1, 2022
• You were a resident of Canada in 2022 for tax purposes
• You or your spouse have filed your 2021 income tax return or statement of income
• In 2021, you had an adjusted family net income of: $35,000 or less for families or $20,000 or less for individuals
• The 2022 eligible rent that you paid was:
  • paid in the 2022 calendar year
  • paid for any of your qualifying principal residences in 2022
  • equal to at least 30% of your 2021 adjusted family net income

To file for this benefit you will need acces to your CRA account, your landlord’s name, and phone number. Be sure to have access to receipts of the previous amount rent since the CRA routinely checks that applicants are entitled to the payment.