New Measures to Support Canadians
Staff post by Ian Penner
On September 13, 2022, the federal government announced new measures aimed to support Canadians in light of rising inflation. These measures include:
A temporary doubling of the Goods and Services Tax Credit (GSTC) for 6 months
For a single adult receiving the full GSTC, this will amount to an additional $233.50 and for a family of four, this will provide an additional $467. These amounts will be automatically calculated by CRA and paid as a lump sum payment before the end of 2022. Eligibility is based on net income and is calculated as part of filing your annual personal tax return.
Canada Dental Benefit for children under 12
Beginning this year, the federal government announced that it will be providing dental benefits to children that do not have access to dental insurance. This will consist of up-front direct payments of up to $650 per child per year for the next two years. This is the first stage of the government’s plan to provide dental care coverage to families with annual incomes under $90,000. More detail on how to access the program have yet to be announced.
Canada Housing Benefit Top-up
A one-time top-up will provide a tax-free $500 payment to eligible Canadian renters. Incomes must be below $35,000 for families and $20,000 for individuals to qualify and 30% of income must be spent on rent. This program is provided in conjunction with the provinces and more information can be found at https://www.alberta.ca/affordable-housing-programs.aspx.
The programs are yet to be passed into legislation, but the Government has indicated they will prioritize them when the House of Commons returns on September 15.
For more information, or to see if you may qualify for some of these proposed measures, contact our office.