Almost 1 million Canadians will be eligible for the one-time payment.💰
Canadians who are struggling to pay their rent are set to receive a one-time payment from the federal government this year, as part of a wider plan to make life more affordable in Canada.
It includes several measures related to benefits, child care and dental care, as well as housing affordability.
As part of the plan, the feds have confirmed that eligible low-income renters in Canada will be able to get a one-time payment of $500 in 2022.
As many as one million Canadians who are "struggling with the cost of housing" are expected to receive the money.
Further details of the one-off payment have yet to be confirmed, although officials previously said that $475 million is the expected cost of the support in 2022 and 2023.
The specifics of eligibility and the delivery method are to be announced at a later date.
This latest announcement is one of multiple initiatives introduced by the feds to help support new and prospective home buyers in Canada.
In the 2022 federal budget, billions of dollars were put aside for various housing affordability projects. This includes $4 billion to launch a new Housing Accelerator Fund, which would create 100,000 new housing units within five years.
As part of its efforts to control the impact of inflation in Canada, the feds' Affordability Plan also promised to continue to boost benefits in line with inflation, enhance the Canada Workers Benefit and reduce the cost of child care by an average of 50%.
This article’s cover image was used for illustrative purposes only.
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