Canada's GST Credit Is Doubling & 11 Million Canadians Will Get Hundreds Of Dollars More
The higher payments will start in November.💰
Justin Trudeau. Right: Canadian dollars.
The federal government's plan to double the GST Credit has officially been approved, which means eligible Canadians will qualify for hundreds of dollars more over the next six months.
On Tuesday, October 18, the feds announced that Bill C-30, the Cost of Living Relief Act (Targeted Tax Relief), had received Royal Assent.
This means the GST Credit will be doubled for the next six months, which the government says will "help make life more affordable for millions of Canadians."
Those who already receive the credit and are considered eligible will start receiving the payments as of November 4, the feds confirmed on October 26.
\u201cGood 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\u2019s what that means:\u00a0https://t.co/pxUqj7TmEm\u201d— Justin Trudeau (@Justin Trudeau) 1666133541
GST increase
In a notice, the Department of Finance said that as many as 11 million Canadians will benefit from the extra support, which will cost around $2.5 billion.
"Canadians without children will receive up to an extra $234 and couples with two children will receive up to an extra $467 this year. Seniors will receive an extra $225 on average," the Department of Finance has confirmed.
The support was developed as part of the government's Affordability Plan, which aims to make life more affordable for Canadians.
Bill C-30 is one of two pieces of legislation, with Bill C-31 including plans to launch the Canada Dental Benefit and top-up the Canada Housing Benefit.
As of October 19, Bill C-31 is still awaiting Parliamentary approval and Royal Assent.How much is the next GST payment?
How much an individual can receive varies, depending on several factors. This includes your family net income, whether you have a spouse or common law partner and how many children that you have.
Before the GST Credit hike is added, for the payment period of July 2022 to June 2023, you can get $467 if you are single, $612 if you are married or have a common-law partner, and $161 for each child you have under the age of 19.
The amount extra you can receive following the GST Credit hike also varies, depending on the same factors.
GST payment dates
\u201cThe additional one-time GST credit payment will be issued starting November 4th, making life more affordable for Canadians who need it most. Here\u2019s what you need to know: https://t.co/ERuJPztI6E #CdnTax (more info in thread \ud83e\uddf5 \ud83d\udc47)\u201d— Canada Revenue Agency (@Canada Revenue Agency) 1666797315
Eligible Canadians can usually expect to get the GST Credit payments from the CRA on the fifth day of July, October, January and April.
However, it may take up to 10 working days for your money to come in, so don't contact the CRA about a missing payment unless it's been longer than this.
The extra GST Credit payments will automatically be sent out to qualifying people, starting on November 4.
Who qualifies for GST credit?
The GST Credit is a tax-free payment that aims to help individuals and families with low and modest incomes offset the GST or HST that they pay.
Eligible people are automatically considered for the credit when their taxes are filed.
A full eligibility criteria can be found online, although individuals generally qualify if they are a resident of Canada for income tax purposes and are either at least 19 years old, have (or had) a spouse or common-law partner, or are (or were) a parent who lives with a child.
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