Canada Is Set To Get New Benefits In 2022 & Here's How To Make Sure You Get Paid On Time
Being prepared ahead of time means you can avoid delays to your payments.💰
Chrystia Freeland and Justin Trudeau announce new benefits.
To help make life more affordable for Canadians, the federal government has laid out several new benefits designed to help with the cost of housing, dental care and more.
Back in September, the feds proposed new legislation that would "double the GST Credit for six months, introduce the Canada Dental Benefit, and top-up the Canada Housing Benefit."
While all of these changes are awaiting Parliamentary approval and Royal Assent, officials say applications for the new dental and housing benefits may be open as soon as December 2022.
The CRA says it's "getting ready to deliver a smooth, secure and user-friendly experience," and has laid out the ways Canadians can start preparing to receive the money they are entitled to.
To avoid delays to benefits and payments, the agency advises signing up for My Account, which it says is the "quickest, easiest and most secure way to apply for the new proposed benefits."
\u201cTo make life more affordable for the Canadians who need it most, we are:\n\n\u2611\ufe0f Doubling the GST credit for six months;\n\u2611\ufe0f Providing $500 to low-income renters; and\n\u2611\ufe0f Making sure that kids under 12 can receive the dental care they need.\n\nhttps://t.co/XuMw9cTBhc\u201d— Chrystia Freeland (@Chrystia Freeland) 1663100247
Here, you'll be able to sign up for direct deposit for new payments, which means you could get your money within five business days.
Another priority for those hoping to get their benefits paid ASAP is to ensure all personal information is up to date in My Account. This includes things like address, banking information, contact details and more.
Another one of the most important things you can do is file your 2021 tax return. This is a necessary step in order to receive the proposed new benefits. It doesn't matter how you file, as long as it's done.
Canada Dental Benefit
The product of a deal between Justin Trudeau's Liberals and Jagmeet Singh's NDP, the Canada Dental Benefit aims to support those who do not have access to dental care.
The proposed benefit will give parents or guardians with children under 12, tax-free payments to cover dental expenses up to $1,300 per child — or $650 per year.
It's the first part of a multi-stage plan to offer dental coverage to families with an adjusted net income under $90,000.
If approved, the initial support is expected to come into effect on December 1, 2022, but will cover expenses from October 1, 2022, onwards.
The full program is expected to start in 2025.
Canada Housing Benefit
In September, the federal government proposed a one-time top up to the Canada Housing Benefit, which would deliver $500 to almost 2 million renters struggling with the cost of housing.
It's set to be available to those who have an adjusted net income under $35,000 for families, or below $20,000 for individuals, who pay at least 30% of their adjusted net income on rent.
Doubling the GST Credit
The government's plan to double the GST Credit for six months would provide approximately $2.5 billion in extra support to the 11 million families who currently receive it.
This works out to be around $234 extra for single Canadians without children, whereas couples can get $467 more this year. The feds say seniors will be able to get $225 extra, too.
Canadians with low and modest incomes are able to access GST payments quarterly. Eligibility is determined when individuals file their taxes in the spring.
This article's cover image was used for illustrative purposes only.
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