For six months, quarterly GST credits will be doubled as part of measures put in place through Bill C-30 to help low- and moderate-income Canadians cope with high inflation. Bill C-30 passed the House of Commons with all-party support on October 6 and received Royal Assent on October 18. The federal government says about 11 million individuals and families will benefit from this $2.5 billion program. Here’s what you need to know about enhanced GST credits:
WHO IS ELIGIBLE FOR ENHANCED GST CREDIT?
Anyone who was already eligible for the GST credit will get double the amount they would have received otherwise. 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. A person without children will not qualify for GST credit payments if they have a net income of more than $49,166. A married or common-law couple with two children can earn up to $58,506 in net family income before losing eligibility for the credit.
HOW MUCH ARE THE PAYMENTS?
The amount of money you can get also depends on your net family income as reported on your 2021 tax return, as well as your 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 children $548 with three children $628 with four children
Those who are married or have a common-law partner can receive up to:
$306 if you have no children $387 with one child $467 with two children $548 with three children $628 with four children
You can check how much you’re entitled to by logging into my CRA account and checking the latest GST/HSTC notice under ‘Correspondence’. You can also manually calculate how much GST credit you are entitled to using the CRA calculation sheet.
WHEN WILL PAYMENTS BE ISSUED?
The first of the enhanced GST credit payments was issued on November 4, although it may take some time for the money to reach your bank account or mailbox. If you qualify but have not received your payment, the CRA recommends that you wait 10 business days before contacting them. The next GST credit payment will be issued on 5 January 2023.
