The Canada Revenue Agency (CRA) is set to issue the new Advanced Canada Workers Benefit (ACWB) payment on October 11th, 2024.

This payment provides financial relief for low-income workers and their families across Canada.

Immigration News Canada reports that this disbursement is part of the Canada Workers Benefit (CWB) program, which helps working members of the society increase their income and cope with rising living costs.

Understanding Advanced Canada Workers Benefit 

The Advanced Canada Workers Benefit (ACWB) is a payment program designed to help low-income workers. It allows eligible individuals to receive part of their Canada Workers Benefit (CWB) in advance, rather than waiting until tax season.

Recipients can get up to 50% of their CWB amount through three payments spread throughout the year, providing financial support when they need it most.

The payment schedule for the 2024 benefit year includes: 

– July 12th, 2024 (already issued)

– October 11th, 2024

– January 10th, 2025

Overview of the Canada Workers Benefit (CWB) and Disability Supplement 

The CWB consists of two parts: the basic CWB benefit and the disability supplement.

Basic CWB Benefit

INC informs that the basic CWB amount is calculated based on adjusted net income and family status. For single individuals, the maximum annual benefit is $1,518 if their income is $24,975 or less.

This amount gradually decreases as income rises, phasing out completely at $35,095. For families, the maximum annual benefit is $2,616 for an adjusted net income of $28,494 or less, phasing out at $45,934.

Disability Supplement 

Individuals eligible for the disability tax credit can also receive a disability supplement.

If you are single and earn $35,098 or less per year, you can get up to $784. For families, if their combined income is $40,325 or less, they can also qualify for this amount.

Also, if both partners in a couple are eligible for the supplement, their total family income must be $56,386 or less to receive it.

Eligibility for the Advanced Canada Workers Benefit 

To qualify for the Canada Workers Benefit (CWB), you need to meet specific requirements related to income, residency, and other factors. Here are the main conditions:

1. Working Income: You must have a job and your net income should be below the limit for your province or territory.
2. Age: You must be at least 19 years old by December 31, or live with your spouse, common-law partner, or child.
3. Residency: You must have lived in Canada for the entire year.

Individuals are not eligible for the CWB if they were confined to prison during the year, are full-time students for over 13 weeks without dependents, or do not pay tax in Canada due to diplomatic status.

Enhancing your benefits 

INC reports that in order to ensure timely receipt of the Advanced Canada Workers Benefit payments, individuals can follow these guidelines:

• File Taxes Early: The CRA determines eligibility based on income tax returns. Filing promptly can facilitate timely payments.
• Sign Up for Direct Deposit: Direct deposit allows payments to be deposited directly into bank accounts, reducing delays.
• Monitor Payment Dates: Keep track of payment dates to anticipate when funds will be available.
• Check Eligibility: Review income and residency criteria annually to maintain eligibility.

Payment dates to note 

Reports tell of these are the remaining dates for the Advanced Canada Workers Benefit payment dates:

• October 11th, 2024
• January 10th, 2025

These payments, issued quarterly, represent up to 50% of the total CWB amount for the year. While most recipients will receive payments on schedule, it may take up to 10 business days for funds to appear in bank accounts, depending on financial institutions and direct deposit enrollment.

Application Process for the ACWB 

• Further reports relate that no separate application is needed for the Advanced Canada Workers Benefit. When individuals file their income tax and benefit returns, the CRA automatically assesses their eligibility for the Canada Workers Benefit.
• If eligible, the CRA calculates the benefit amount and begins issuing payments accordingly.
• To ensure timely receipt, individuals are advised to file their tax returns before November 1st of the benefit period and keep their banking information updated.

The Nigerian Ports Authority (NPA) has appointed new general managers to support the administration of Abubakar Dantsoho, the authority’s managing director (MD).

In a statement on Friday, NPA said Ikechukwu Onyemekara was named the general manager, corporate and strategic communications division.

“The appointments which take immediate effect reorganized some Divisions to align with the direction of the Federal Ministry of Marine & Blue Economy retained Dr (Mrs) Chinwe Nwokolo, Pharmacist Hadiza Sani and Mr. Babatunde Gbotolorun as General Managers Medical, Abuja Liasion and ICT Divisions respectively,” NPA said.

Other appointees named to head various divisions include Jerome Angyunwe, Richard Unde, Mukhtar Isa, Anthony Edosomswan, Dapo Adekunle, Victor Gofwan, Rabiu Dambatta, Priscilla Maduka, Sarah Ballah, Zainab Dantiye, Anas Suleiman, and Adeayo Oni.

Also appointed are Abdulkadir Gusau, RAB Salau, Nurrudeen Abdulkadir, Seyi Iyawe, Ethel Uduehi, Nansel Zhimwan, Ahmad Wanka, Fatai Oladapo, Ibrahim Lukman, Abdul Isah, and Charles Okaga.

NPA said the appointments were made towards repositioning “Nigeria’s foremost trade facilitation platform for greater efficiency and renewed contribution to the national economy”.

Speaking after the appointments, Dantsoho said the changes represent NPA’s deliberate strategy to deploy the wealth of experience of the appointees to national advantage.

Dantsoho was appointed on July 12.

The federal government says Nigeria has officially commenced the sale of crude oil and refined petroleum products in naira.

Wale Edun, minister of finance and coordinating minister of the economy, in a statement on Saturday, announced that in line with the federal executive council (FEC) directive, the sale of the products in naira commenced on October 1.

“Following a meeting of the Implementation Committee, Chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders,” he said.

“The meeting brought together prominent figures, including the Honourable Minister of State, Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the management of the Nigerian National Petroleum Company (NNPC), led by the Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).”

According to the statement, the strategic initiative and bold step taken by President Bola Tinubu-led administration is expected to have a lasting impact on Nigeria’s economy, enhancing growth, stability, and self-sufficiency.

The ministry said the country continues to navigate the complexities of global markets, and the strategic move positions Nigeria for success in the years to come.

On July 29, the FEC approved a proposal by Tinubu directing the NNPC to sell crude oil to Dangote Petroleum Refinery and other refineries in naira.

The federal government said the sale of crude oil to the Dangote refinery and other refineries in naira would commence on October 1.

On September 30, Eche Idoko, publicity secretary of Crude Oil Refinery-owners Association of Nigeria (CORAN), said the sale will start with refineries producing petrol.

Three days later, the Nigerian Ports Authority (NPA) said it had commenced implementation of the federal government directive to coordinate service provision from all stakeholders for the smooth sale of crude oil in naira to the Dangote refinery.