Extra GST Credit
Extra GST Credit
On October 18, the federal government announced that Canadians who receive the GST Good and Services Tax Credit for the benefit year July 2022 to April 2023, will receive their extra payment early November.
Individual Canadians that are eligible will receive up to $234. Couples without children or single parents with one child will receive up to $306. The payment for each additional child under 18 will be $82.
The extra GST benefit payments will deliver $2.5 Billion additional targeted support to roughly 11 million individuals and families. The intention is to help with the additional costs of almost everything due to inflation.
The payments will made direct to your bank account as per normal. Or by cheque if that is how you normally receive your GST benefit.
Dental and Housing Benefits
The two additional benefits previously announced: the Canada Dental Benefit and the Canada Housing Benefit are still to be determined and no further announcements have been made. For some information about expected eligibility, check out last month's article on dawsontrail.ca
It appears that applications for these two new benefits may be administered and processed online via Canada Revenue Agency, so make sure you have access to your CRA My Account. If you have not registered yet, we recommend you do so now. If you had access at some time in the past, but cannot remember your user ID and password, get it reset now. Go to cra.gc.ca
We will continue to monitor the government's announcements and will provide as much information as possible in future articles.
Anni Markmann is a Personal Income Tax Professional and Certified Financial Planner; living, working, and volunteering in our community. Contact Ste Anne Tax Service at 204.422.6631 (phone or text!) or 36 Dawson Road in Ste Anne (near Co-op) or email@example.com