Good news! Some Canadians are about to get extra money in their pockets thanks to the approval of the government’s plan to double the GST credit.
Eligible Canadians that already receive the GST credit will see their payments double, on Friday.
Per the Canada Revenue Agency, the one-time payment will be issued starting November 4, 2022. If you have not received a payment but expect to, the agency asks that those individuals wait 10 business days to allow for processing before contacting them.
According to a press release, issued by the Department of Finance, Bill C-30, the Cost of Living Relief Act, No. 1 (Targeted Tax Relief) has received Royal Assent. That means for six months, the federal government will double these credits in order to “help make life more affordable for millions of Canadians.”
Good news for roughly 11 million Canadians across the country: Our legislation to double the GST Tax Credit for six months has received Royal Assent. Here’s what that means: https://t.co/pxUqj7TmEm pic.twitter.com/VFU8FrgBV4
— Justin Trudeau (@JustinTrudeau) October 18, 2022
According to the release, Canadians without children will receive up to an extra $234, and couples with two children up to an extra $467. As for seniors, they will receive an extra $225 on average.
The federal government states that “the Goods and Services Tax (GST) Credit helps offset the financial impact of the GST for low- and modest-income people and families.” It is paid quarterly in January, April, July, and October, with benefit years beginning in July.
Bill C-30 was just one of the first of two pieces of legislation introduced this fall.
Bill C-31, the Cost of Living Relief Act, No. 2 (Targeted Support for Households), which is still waiting to be approved, would bring two affordability measures: the Canada Dental Benefit and a one-time top-up to the Canada Housing Benefit, according to the release.
Earlier this month, the Government of Canada released its second installment of the climate action incentive payment (CAIP) in Ontario, Manitoba, Saskatchewan, and Alberta, aimed to offset the cost of federal pollution pricing.
This new measure will deliver $2.5 billion in additional targeted support to about 11 million Canadians.