Money incoming: Canadians getting GST Credit payment this week

Oct 31 2022, 6:55 pm

Around 11 million Canadians are about to get hundreds more dollars from the federal government this week.

On October 18, Bill C-30 received royal assent, officially doubling the Goods and Services Tax Credit for at least six months.

Prime Minister Justin Trudeau tweeted on Monday that Canadians can expect to start receiving payments Friday, November 4.

How much more will you get?

The government says those without children will receive up to an extra $234.

Couples with two children will receive up to an extra $467 this year, and seniors will receive an extra $225 on average.

The department of finance also gave examples based on income, age, marital status, and whether you have kids or not.

A single mother with one child and $30,000 in net income

Under the past GST Credit, they receive $386.50 for the July to December 2022 period and another $386.50 for the January to June 2023 period.

However, with the doubled GST Credit, they would receive an additional $386.50. In total, the single mother would be receiving about $1,160 this benefit year.

A single senior with $20,000 in net income

Under the past GST Credit, they receive $233.50 for the July to December 2022 period and another $233.50 for the January to June 2023 period.

The doubled GST Credit would give them an additional $233.50, totalling about $701 this benefit year.

A couple with two children and $35,000 in net income

Under the past GST Credit, they receive $467 for the July to December 2022 period and another $467 for the January to June 2023 period.

The doubled GST Credit would give the family an additional $467. In total, they would be receiving about $1,401 this benefit year.

Curbing the rising cost of living

The legislation is the first of two introduced this fall aiming to support Canadians amid the rising cost of living.

Bill C-31 is the second piece of legislation that includes dental care and housing top-up programs for all Canadians. It passed its third reading in the House of Commons on Thursday.

In August, NDP Leader Jagmeet Singh warned Prime Minister Justin Trudeau that he would end the confidence-and-supply agreement if the dental care program falls through.

Isabelle DoctoIsabelle Docto

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