Ottawa, Ontario - Department of Finance Canada
Today, Bill C-30, the Cost of Living Relief Act, No. 1 (Targeted Tax Relief), received Royal Assent, doubling the Goods and Services Tax Credit for six months to help make life more affordable for millions of Canadians.
Eligible Canadians-who already receive the GST Credit-will automatically receive their payments starting in early November.
This means that Canadians without children will receive up to an extra $234 and couples with two children will receive up to an extra $467 this year. Seniors will receive an extra $225 on average.
Bill C-30 is the first of two pieces of legislation introduced this fall to support Canadians with the rising cost of living without adding fuel to the fire of inflation. Bill C-31, the Cost of Living Relief Act, No. 2 (Targeted Support for Households), which is still before Parliament, would enact two further affordability measures: the Canada Dental Benefit and a one-time top-up to the Canada Housing Benefit.
In addition to Bill C-30 and Bill C-31, the government's Affordability Plan is already delivering targeted and fiscally responsible financial support to the Canadians who need it most, with particular emphasis on addressing the needs of low-income Canadians who are most exposed to inflation.
