(NC) When the tax deadline approaches every spring, some of us choose to file as soon as we can, and some might submit closer to the deadline. But does the date you file really make a difference, as long as it’s before the due date? In some ways the answer is no.
However, your timing can impact when you receive your benefit and credit payments – including the Climate action incentive payment, known as the CAIP.
Eligible residents of Alberta, Saskatchewan, Manitoba and Ontario receive this payment to offset what they pay day-to-day for the federal price on pollution.
Although it’s now paid in four installments, you still have to file a tax return to receive the CAIP. And whether or not you receive the next payment on April 14th is affected by how soon you file.
To receive the April 14 payment, the Canada Revenue Agency recommends filing your taxes electronically by March 10. Doing so provides the best chance to have your eligibility assessed and your payment processed ahead of the April 14 payment date.
If you don’t file in time to get the April payment, that’s okay. It will be included with the payment that next occurs after your tax return is filed and assessed.
If you’re a resident of Newfoundland and Labrador, Nova Scotia or Prince Edward Island, you may be eligible for the CAIP later this year. But since the federal fuel charge will only begin in those provinces on July 1, 2023, the April 2023 payment will not apply to them.
Find more information at canada.ca/cai-payment.
