Millions of Canadians to get more money starting this week: Feds

Starting Friday, around 11 million Canadians will begin receiving a boosted GST rebate.

Prime Minister Justin Trudeau made the announcement on Twitter Monday, Oct. 31. 

This comes after Bill C-30 received royal ascent on Friday, Oct. 18, officially doubling the Goods and Services Tax Credit for at least the next six months.

According to the federal government, single Canadians without kids will get up to $234 more, while couples with two kids will get up to $467 more this year, and seniors will get an average of an additional $225.

The federal government says to guarantee that the GST Credit reaches those in greatest need, persons with a family net income of less than $39,826 in 2021 will get the entire Credit amount, and the GST Credit amount is gradually reduced as income rises above this threshold. The full phase-out varies by family type; for example, it is fully phased out at around $49,200 for a single individual without children and around $58,500 for a couple with two children.

Under the current GST Credit

A single mother with one child and $30,000 in net income will receive $386.50 from July to December 2022, and another $386.50 from January to June 2023. She would receive an additional $386.50 with the GST Credit amounts temporarily doubled for six months and would receive approximately $1,160 this benefit year.

While a single senior with $20,000 or less in net income will receive $233.50 from July to December 2022 and another $233.50 from January to June 2023. This senior would receive an additional $233.50. Through the GST Credit, he would receive around $701 this benefit year.

A couple with two children and a net income of $35,000 will receive $467 from July to December 2022 and another $467 from January to June 2023. This household would get an additional $467 if the GST Credit amounts were temporarily doubled for six months. They would receive around $1,401 in total this benefit year under the GST Credit.

Bill C-30 is the first of two bills tabled this fall to help Canadians cope with growing living costs without adding fuel to the fire of inflation. Bill C-31, which is still being debated in Parliament, would impose two additional affordability measures: the Canada Dental Benefit and a one-time increase to the Canada Housing Benefit.

Bill C-31 passed its third reading in the House of Commons Thursday.