If you are one of the many millions of Canadians getting a GST rebate tomorrow, you’ll likely be receiving nearly double the usual amount.
It’s been a tough few years for most Canadians – first the pandemic and then unprecedented inflation, affecting the cost of groceries, rent and other necessities.
Last month, Prime Minister Justin Trudeau confirmed that there will be a GST rebate hike that will apply to eligible Canadians.
While that is currently being passed in the house of commons, many British Columbians will wake up to an increase in the GST rebate credit, however it’s not from Justin Trudeau’s Liberals plans to double the GST rebate for the next 6 months.
Instead, this increase is from the BC Climate Tax Credit which John Horgan announced last month.
So, if you receive GST from the federal government, you’ll want to check your bank accounts this Wednesday, October 5th.
Moving forward, the federal government is still planning on doubling your GST Rebate which will be paid out in a single lump sum payment by the end of this year.
The federal government said the hike in GST rebate was done in a bid to ease some of the hurt of inflation for lower income Canadians.
The next GST rebate hike is expected to be in place for the next six months.
Those who don’t receive GST are expected to receive a small amount as well, some reporting as much as $257.
- Log on CRA account
- Go to Benefits and Credits
- Scroll down to GST/HST Credit and your amount should be there
The total annual value of the GST Credit depends on family size and income. For the July 2022 through June 2023 benefit year, eligible people can receive up to:
- $467 for singles without children
- $612 for married or common-law partners
- $612 for single parents
- $161 for each child under the age of 19
According to the federal government, an estimated 11 million individuals and families would benefit from this additional support.
The credit is paid quarterly in January, April, July and October.
So, hopefully that extra bit of money will help offset those grocery bills.
