নাটোর-৩ আসনে নির্বাচিত হয়েছেন বিএনপির আনোয়ারুল ইসলাম
· Kaler Kantho
A one-time top-up payment will be coming to Canadians who receive the GST credit.
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The “Canada Groceries and Essentials Benefit,” which was first announced late last month as part of a number of the government’s affordability measures, passed the final vote in the Senate on Thursday.
What could it mean for you?
The finance department says the benefit will provide a one-time top-up payment “as early as possible this spring” worth 50% of the credit.
The regular value of the benefit, which is paid to lower-income Canadians, will also see an increase by 25% starting in July and continuing for five years.
The top-up is expected to help more than 12 million Canadians so when combined, the measures mean a family of four will receive up to $1,890 this year — compared to the annual $1,100 current credit — and about $1,400 annually for the next four years.
Meanwhile, a single person eligible for the new benefit would receive $950 this year compared to $540.
The Conservatives have called the top-up a “Band-Aid solution,” but nevertheless, helped speed the bill through the House last week.
Why now?
The GST boost would help to make up for the higher cost of groceries since the pandemic, the prime minister noted in January, particularly for Canadians with low or modest incomes who spend a larger share of their earnings on essentials — something the Conservatives have long been saying .
“The GST credit has helped to make our tax system fairer by returning a portion of the federal sales tax to Canadians with lower incomes, providing relief for people who feel the extra cost at the checkout most acutely,” Carney said at the time.
“The rise in food prices means that a lot of these Canadians need more support right now.”
The GST top-up will cost Ottawa $3.1 billion in the first year, with lower but rising costs for the rest of the horizon.
A previous analysis from Desjardins estimated the cost of the top-up is $10.5 billion over five years.
