Canada's GST Payments Have Now Doubled & Cheques Are Already Going Out
11 million Canadians can expect to get paid.💰
Prime Minister Justin Trudeau. Right: The Canada Revenue Agency.
The government's promise to double the GST credit has finally come to fruition and the higher payments are going out starting November 4.
This development started back in October, when the government passed the Cost of Living Relief Act, which, among other things, increased the GST tax credits.
Thanks to this new tax credit, nearly 11 million Canadians can expect increased amounts for the next six months.
GST Increases
According to the Department of Finance, the GST increases will be dolled out to all eligible Canadians based on their family status, income, age and more.
Single Canadians with no children can, in this one time payment, expect $234 more, couples with two children can get $467 more and seniors can expect $225 more on average as these payments go out.
This was part of a duo of legislation that is tackling the current economic climate of rising inflation and interest rates.
How much is the next GST payment?
This would depend on a few factors, such as your family status or if you're single, as well as your income.
But, before this latest increase, a single Canadian without children would get $467 for the period of June 2022 to July 2023.
This goes up to $612 if you're married or have a common-law partner and you can also get $191 for each child you have.
Add on these recent hikes and you're looking at a nice chunk of money over the next few months.
GST payment dates
If you're an eligible Canadian, you can expect your credit on the fifth day of July, October, January, and April.
These will be directly deposited into your bank account or, if you haven't set that up, the government will send you a physical cheque in the mail.
But be patient because it could take up to 10 working days for that money to show up.
As for this payment, it's a one-time deal meant to be a supplement for anyone who got a GST payment in October.
As for the next normal payment, you can expect that in January.
Who qualifies for the GST tax credit?
This benefit is designed to help out those who make a low to modest income and is there to help offset the cost of the government sales tax.
In general, to be eligible you have to be at least 19, live in Canada and make below a certain threshold of income.
Of course, there is a more specific eligibility criteria, which can be found on the Canada Revenue Agency website.
And, to make things easier, you're automatically enrolled when you file your taxes.
This article's cover image was used for illustrative purposes only.