Canada is doubling its GST credit for millions of Canadians
Canada's plan to double its GST credit has officially been approved, meaning millions of eligible Canadians can look forward to increased payments over the next few months.
The Department of Finance announced in a press release on Oct. 18 that Bill C-30, the Cost of Living Relief Act, No. 1 (Targeted Tax Relief), received Royal assent.
The bill doubles GST credits for six months to "help make life more affordable for millions of Canadians."
Eligible Canadians who already receive the GST credit will automatically receive their payments starting in early November. Canadians without children can expect to receive up to an extra $234 and couples with two children will receive up to an extra $467 a year.
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
Bill C-30 is just the first of two pieces of legislation introduced this year as part of the government's Affordability Plan to help support Canadians with the rising cost of living.
Bill C-31, the Cost of Living Relief Act, No. 2 (Targeted Support for Households), is still awaiting approval, and would enact two further affordability measures: the Canada Dental Benefit and a "one-time top-up to the Canada Housing Benefit."
Doubling the GST credit is set to deliver $2.5 billion in additional targeted support to 11 million individuals.
How much extra money you can expect to receive depends on several factors, including your family net income, your marital status, and how many children you have.
Extra GST credit payments will automatically be sent to eligible Canadians, beginning in early November.
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