Canada’s New GST Credit Boost: What It Means for You
Canada is rolling out a strengthened version of the GST/HST credit, designed to give low‑ and modest‑income households more breathing room as everyday costs continue to rise. The updated benefit increases annual payments and adds a temporary top‑up to help Canadians manage higher grocery and essential living expenses. What’s Changing? The traditional GST/HST credit is being expanded into a more generous support program. Key updates include: A 25% increase to the annual credit for five years A one‑time top‑up equal to half of your yearly GST credit amount Continued quarterly payments to help with ongoing affordability challenges How Much Could You Receive? The exact amount depends on your income and family size, but the enhanced credit provides meaningful boosts: Families with children may receive close to $1,900 in the first year Single adults may receive close to $950 Annual payments remain higher than before for the next several years Who Qualifies? Eligibility ...
Comments
Post a Comment