Months after the Federal Government made the announcement, you may see some extra money in your bank account today.
The food-inflation-focused affordability measure is set to roll out to approximately 11 million low and modest-income Canadians.
Essentially a re-branded GST rebate boost, the payment will be issued through Canada's GST/HST tax credit system, alongside the regular quarterly GST/HST payments.
The payments will vary in value based on the variable of being single/married and how many children are in your care when your 2021 taxes were filed.
For example, if you are single you could receive a maximum payment of:
- $234 if you have no children
- $387 if you have one child
- $467 if you have two children
- $548 if you have three children
- $628 if you have four children
And, if you are married or have a common-law partner, you could receive up to:
- $306 if you have no children
- $387 if you have one child
- $467 if you have two children
- $548 if you have three children
- $628 if you have four children
The CRA did note that there may be some differences between the GST/HST payment and this grocery rebate, and the rebate is based off the 2021 year, and the GST/HST payment is based off of 2022.
This measure, that's looking to help Canadians offset the growing cost of groceries, comes at a sizeable pricetag, with the federal government spending $2.5 billion to accomplish this goal.
