CRA Updates Jason Smith CRA Updates Jason Smith

Six month doubling of GST credit payment starts November 4, 2022

The first of the Government of Canada’s new financial support measures will take effect this Friday, November 4, 2022 with the additional one-time goods and services tax credit (GST credit) payment.

This additional one-time payment will double the GST credit for six months for those who receive it, to help make life more affordable.

GST credit recipients do not need to apply for the additional payment. It will be sent automatically by direct deposit or mailed to eligible individuals. The payment amount is calculated based on an individual’s family situation in October 2022 and on their 2021 tax and benefit return.

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CRA Updates Jason Smith CRA Updates Jason Smith

New benefits and increased credit payments are coming to help make life more affordable

The Government of Canada has proposed new financial support measures to make life more affordable for Canadians. The proposed Canada Dental Benefit would provide financial support for children under 12 years old if they receive dental care for which the parent has out of pocket costs and does not have access to a private dental insurance plan. The proposed one-time top-up to the Canada Housing Benefit would provide a $500 payment to low-income renters facing housing affordability challenges. The government also proposed to double the Goods and Services Tax Credit (GSTC) for six months for those who receive it.

For GSTC recipients who have already received a payment this year, there would be no need to apply for the additional payment. The additional GSTC amount would be issued to eligible recipients automatically.

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