Millions of Canadians will get GST credits starting Friday. What to expect
Global News
The bill, sponsored by Chrystia Freeland, is aimed to help low and modest income Canadians cope with inflation as fears of a recession loom.
Millions of Canadians woke up Friday morning with hundreds of dollars from Canada’s federal government.
That’s because Bill C-30 has passed, doubling the GST Tax Credit for 11 million Canadians for half a year.
The bill, sponsored by Minister of Finance and Deputy Prime Minister Chrystia Freeland, received royal assent last month on Oct. 18.
The legislation is aimed to help low-and-modest-income Canadian families cope with inflation as fears of a recession loom.
The enactment amends the Income Tax Act in order to double the Goods and Sales Tax/Harmonized Sales Tax (GST/HST) credit for six months. This increases the maximum GST/HST credit amounts by 50 per cent for the 2022-2023 benefit year, according to the bill.
“We absolutely understand that times are tough for so many Canadians today. That’s why I was so glad to share some great news, and that is that the GST credit will start arriving in the bank accounts and in the mailboxes of 11 million Canadian households tomorrow,” Freeland said Thursday in the House of Commons while presenting the 2022 fall economic statement.
“That is much needed support. It is going to provide such valuable inflation relief to the Canadians who need it the most,” she said.
Eligible Canadians who already receive the GST credit will automatically get the top up.
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