The federal government-enhanced GST credit went out on Friday, and eligible Canadians can expect to see the money in their bank account or mailbox in the coming days if they haven't already.
Over the course of six months, quarterly GST credits will be doubled as part of measures enacted through Bill C-30, which is intended to help low-income and high-inflation Canadians. Bill C-30 was passed in the House of Commons with the support of all parties on 6 October and received Royal Assent on 18 October.
The federal government says about 11 million individuals and families will benefit from the $2.5 billion program.
Here's what you need to know about increased GST credit:
WHO ELIGIBLE FOR GST BOOSTED CREDIT?
Anyone who is already eligible for a GST credit will receive double the amount they should have received.
Eligibility for GST credit depends on your net income, marital status, and how many children you have. No separate application is required, as eligibility is based on your 2021 tax return.
One person without children will not be eligible for GST credit payments if they earn more than $49,166 in net income. A married couple or in-laws with two children can generate up to $58,506 in net family income before losing creditworthiness.
WHAT IS THE PAYMENT?
The amount of money you can receive also depends on your family's net income as stated in your 2021 tax return, as well as marital status and how many children you have. If you are single, you can receive up to:
$234 if you don't have kids
$387 with one child
$467 with two kids
$548 with three kids
$628 with four kids
Those who are married or have a legal partner can receive up to:
$306 if you don't have kids
$387 with one child
$467 with two kids
$548 with three kids
$628 with four kids
You can check how much you are entitled to by logging into your CRA My Account and checking the latest GST/HSTC notifications in the "Mails" section. You can also manually calculate how many GST credits you are entitled to using the CRA calculation sheet.
WHEN WILL PAYMENT BE ISSUE?
The first enhanced GST credit payments are issued on November 4th, although it may take some time for the money to reach your bank account or mailbox. If you qualify but have not received payment, CRA recommends waiting 10 business days before contacting them.
The next GST credit payment will be on January 5, 2023. This article was written by EDUKASI CAMPUS.