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

OTTAWA, ON, Nov 4, 2022 /CNW Telbec/ – 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.

Eligible families and individuals could receive a one-time payment up to:

  • $234 for a single person

  • $306 for married or common-law partners

  • $387 for a single parent with one child

  • $467 for a couple with two children

Individuals who currently get their GST credit payment as a lump sum will still benefit from the additional payment but may not receive it in November. Their next payment will be January 5, 2023 and will factor in the additional one-time GST credit payment.

Note: Beware of scams! The CRA will not use text messages or instant messaging like Facebook Messenger or WhatsApp to start a conversation with you about this credit, your taxes, benefits, or My Account under any circumstances. Do not reply to a suspicious text message or share any personal information.

Individuals are encouraged to file their 2021 tax returns today, if they have not yet done so, in order to receive the credits and benefits they are entitled to.

If you do not already receive the GST credit, learn more about it, including how residents new to Canada can apply at Canada.ca/gst-hst-credit.

Need more information?
Making life more affordable for Canadians this year | Prime Minister of Canada (pm.gc.ca)
Making Life More Affordable: Doubling the Goods and Services Tax Credit for Six Months – Canada.ca
Legislation to double the GST Credit for six months receives Royal Assent

Learn more about other proposed affordability measures
Making Dental Care More Affordable: The Canada Dental Benefit – Canada.ca
Making Housing More Affordable: One-time top-up to the Canada Housing Benefit program – Canada.ca

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SOURCE Canada Revenue Agency

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View original content: http://www.newswire.ca/en/releases/archive/November2022/04/c0301.html

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