Friday, February 23, 2024

Double your dollars: Canada’s GST credit increase receives approval

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A bill known as the Cost of Living Relief Act was passed and now life will be made slightly more affordable for eligible Canadians.

The federal bill’s aim was the doubling of the Goods and Services Tax credit for six months and it received Royal Assent on Wednesday morning.

Those who already receive a GST credit will automatically receive their first payment as soon as November.

“With the Royal Assent of Bill C-30, our government is delivering on our promise to support Canadians who are most affected by inflation,” said Chrystia Freeland, Deputy Prime Minister and Minister of Finance. 

“By doubling the GST Credit for six months we’re ensuring our support is compassionate, targeted, and fiscally responsible, while not adding fuel to the fire of inflation. And, this support is coming right when it is needed—eligible Canadians will receive their payments starting in early November.”

On average, Canadians without children will receive up to an extra $234, couples with two children will receive up to an extra $467 and seniors will receive an extra $225 on average.

Already those who are eligible will notice the upcoming payment on their Canada Revenue Agency (CRA) account.

This bill is the first of two pieces of legislation to be introduced that will help support Canadians as the cost of living continues to rise. 

The second part of this Cost of Living Relief Act–which is still before Parliament at this time–would enact the Canada Dental Benefit and a one-time top-up to the Canada Housing Benefit

Related:

Trudeau reveals proposed children’s dental benefit program that will save parents money

At this time it is unclear when the second part of the Cost of Living Relief Act will be approved by Parliament or receive Royal Assent.

mm
Curtis Blandy
curtis@victoriabuzz.com

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