Check your bank account: Canadians getting double GST Credit payment today
Around 11 million Canadians are about to get hundreds more dollars from the federal government today.
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 Friday, reminding Canadians to check their bank accounts.
“Today’s the day! We’ve doubled the GST Tax Credit for six months for nearly 11 million households… and payments are going out today,” he said.
Today’s the day! We’ve doubled the GST Tax Credit for 6 months for nearly 11 million households – single Canadians without kids will get up to $234 more, couples with two kids will get up to $467 more, and seniors will get $225 more on average – and payments are going out today.
— Justin Trudeau (@JustinTrudeau) November 4, 2022
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 last week.
The start of the six-month-long doubling of the GST Credit comes after the federal government presented its fall economic update.
On Thursday, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced that the government is doubling the first-time homebuyers’ tax credit and eliminating interest on federal student loan payments.
Follow Channels and Categories