Government of Canada affordability incentives for Canadians – September 2022 update

Doubling the GST Credit – the government is proposing to double the GST Credit for six months. Single Canadians without children would receive up to an extra $234 and couples with two children would receive up to an extra $467 this year. Seniors would receive an extra $225 on average. The proposed extra GST Credit amounts would be paid to all current recipients through the existing GST Credit system as a one-time, lump-sum payment before the end of the year, pending Parliamentary approval and Royal Assent of enabling legislation. Recipients would not need to apply for the additional payment, but should file their 2021 tax return if they have not done so already to be able to receive both the current GST credit and the additional payment.

The Canada Dental Benefit would be provided to children under 12 who do not have access to dental insurance, starting this year. Direct payments totalling up to $1,300 per child over the next two years (up to $650 per year) would be provided for dental care services. This is for families with adjusted net income under $90,000, and will allow children under 12 to receive the dental care.

The one-time top-up to the Canada Housing Benefit would deliver a $500 payment to renters who are struggling with the cost of housing. The federal benefit will be available to applicants with an adjusted net income below $35,000 for families, or below $20,000 for individuals, who pay at least 30 per cent of their adjusted net income on rent.

Welcome to Seniuk and Company, Chartered Professional Accountants, where expert financial solutions and precision meet. Trust us to navigate your finances to your growth.

Accounting Office

Accounting Office

© Seniuk & Company, Chartered Professional Accountants. All Right Reserved 2024