In the recent 2022 Fall Economic Statement, the Government of Canada highlighted its plan to continue its sound stewardship of the economy and to be there for Canadians. To help families cope with increasing costs, like rising prices at the checkout counter, the government is delivering targeted support to the Canadians who need it the most by doubling the goods and services tax (GST) credit for 11 million eligible Canadians.
Today, the Honourable Gudie Hutchings, Minister of Rural Economic Development, highlighted the Government of Canada's plan to double the GST credit in the form of a one-time payment. Starting November 4, 2022, an estimated 11 million low- and modest-income Canadians who currently receive the GST credit will automatically receive an additional payment. Single Canadians without children will receive up to an extra $234, and couples with two children will receive up to an extra $467. Seniors will receive an extra $225 on average.
The Canadian economy faces global headwinds from a position of fundamental strength: an unemployment rate near its record low-over 500,000 more Canadians are working today than before the pandemic-the strongest economic growth in the G7 this year, a triple-A credit rating, and the lowest net debt- and deficit-to-GDP ratios in the G7. Canadians should be confident that we will overcome any hurdles and prosper in the days ahead.
