If you’re struggling with credit card debt, car payments and a rising cost of living, the latest GST/HST Credit hike unveiled by the federal government could help. Here’s an overview of what you need to know.
WHAT’S THE GST/HST CREDIT?
The Goods and Services Tax/Harmonized Sales Tax Credit is a tax-free quarterly payment that helps low- and modest-income people and families offset the financial impact of the GST/HST Credit they pay.
WHO WILL THIS HELP?
As part of an effort to alleviate the impact of inflation, the federal government announced that they’ll be doubling the GST/HST Credit for six months. This will deliver $2.5 billion in additional targeted support to current GST Credit recipients.
The total annual value of the GST/HST Credit depends on family size and income. For the July 2022 through June 2023 benefit year, eligible people can receive up to:
$467 for singles without children
$612 for married or common-law partners
$612 for single parents
An additional $161 for each child under the age of 19
Eligibility is capped at a net income of approximately $49,200 for single people with no children and $58,500 for couples with two children. The extra GST/HST Credit amounts will be paid as a one-time, lump-sum payment before the end of the year.
Roughly 11 million individuals and families will benefit from this additional support, including about nine million single people and almost two million couples.
FEELING THE STRAIN OF INFLATION? WE HAVE DEBT SOLUTIONS!
Besides government support, there are other ways Canadian families can improve their financial situation and eliminate their debt. One is to seek the help of a licensed insolvency trustee (LIT) for debt and credit counselling. Your licensed insolvency trustee will review your financial situation, income and debt load and help you take the necessary steps to help you find a new beginning™.
CALL D. & A. MACLEOD FOR DEBT HELP ACROSS ONTARIO
If you’re experiencing financial difficulties, the professionals at D. & A. MacLeod Company Ltd. can help. Our licensed insolvency trustees provide various debt relief solutions, including personal bankruptcy and consumer proposals, to assist you in achieving financial security.
Contact us today to learn more or schedule a free consultation. We have locations in the following cities and are available for virtual appointments across the province: Ottawa, Brockville, Cornwall, Kingston, Pembroke, Smiths Falls and Kanata.