Categories
Widget Image
Trending
Recent Posts
Sunday, Dec 22nd, 2024
HomeEntertaintmentGlobalWhat you need to know about the one-time grocery rebate coming July 5 – National

What you need to know about the one-time grocery rebate coming July 5 – National

What you need to know about the one-time grocery rebate coming July 5 – National

Eligible Canadians are officially set to receive a one-time grocery rebate this Wednesday, July 5.

The long-awaited payment comes months after the government first announced the benefit as part of the 2023 federal budget. The federal government said that the grocery rebate will be delivered to eligible Canadians by direct deposit or cheque through the Canada Revenue Agency (CRA).

The rebate’s unveiling in May also coincides with when Bill C-46, the Cost of Living Act, which allows the rebate, received Royal Assent. The legislation also includes a $2 billion Canada Health Transfer (CHT) top-up to reduce backlogs and wait times, the May statement said.

The rebate was introduced as a way to compensate Canadians for higher grocery prices due to inflation, though it can be spent on anything.


Click to play video: '$2.5 billion in spending for a so-called ‘grocery rebate’ in 2023 federal budget'


$2.5 billion in spending for a so-called ‘grocery rebate’ in 2023 federal budget


The rebate will be up to $467 for eligible couples with two children, $234 for single Canadians without children, and $225 for seniors, on average.

Story continues below advertisement

There is no need to apply for the rebate. Individuals and families who were entitled to receive the GST/HST credit for January 2023 and filed a tax return for 2021, even if they have no income to report for that year, can expect to receive the payment.

The rebate is scheduled to be issued alongside the next quarterly GST/HST credit payment will be equivalent to double the GST/HST credit amount Canadians received for January 2023.

The amount received will be calculated based on “your family situation in January 2023 and your 2021 adjusted family net income,” the CRA said in a news release Tuesday.

However, the agency flagged that it is possible Canadians may be entitled to the Grocery Rebate, but not the July GST/HST credit or vice versa.

“The Grocery Rebate is calculated based on your 2021 tax return, but the next quarterly GST/HST credit payment in July 2023 is calculated based on your 2022 tax return,” the agency said.


Click to play video: 'Canadians with celiac feel shortchanged by grocery rebate'


Canadians with celiac feel shortchanged by grocery rebate


The rebate will be issued automatically to about 11 million Canadians whose household income is $38,000 or less, and individuals who make $32,000 or less.

Story continues below advertisement

According to the agency, if you are single, you could receive a maximum payment of up to:

  • $234 (no children)
  • $387 (with 1 child)
  • $467 (with 2 children)
  • $548 (with 3 children)
  • $628 (with 4 children)

If you are married or have a common-law partner, you could receive up to:

  • $306 (no children)
  • $387 (with 1 child)
  • $467 (with 2 children)
  • $548 (with 3 children)
  • $628 (with 4 children)

The CRA also notes that if you received your GST/HST credit payment as a lump sum in July 2022, you will still receive a grocery rebate.

– With files from Eric Stober.

Source link

Print Friendly, PDF & Email
Website | + posts

No comments

Sorry, the comment form is closed at this time.