Inflation: Ottawa doubles GST refund check for six months

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Inflation: Ottawa doubles GST rebate check for six months

Prime Minister Justin Trudeau – seen here with Deputy Prime Minister and Finance Minister Chrystia Freeland – emerged from retirement from his caucus in Saint Andrews, in New Brunswick, to announce these measures to relieve Canadians of inflation.

The Trudeau government will double the Goods and Services Tax (GSTC) credit for six months to help Canadians weather the brunt of the country's high inflation, Prime Minister Justin Trudeau announced in St. Andrews, New York. Brunswick.

By doubling the CTPS for six months, the Trudeau government hopes to help approximately 11 million citizens and households who benefit from this tax credit.

Single Canadians without children would receive up to $234 more and couples with two children would receive up to $467 more this year. For their part, the elderly would receive on average $225 more, estimates the government in a press release sent to the media.

This measure alone should cost $2.5 billion. dollars to the federal treasury, according to government estimates.

The CTPS is a non-taxable amount paid four times a year to low-income individuals and families to offset the tax on products and services they pay for.

The Inflation Mitigation Plan also provides a dental benefit starting this year for eligible families whose children under 12 do not receive health care benefits. x27; dental insurance.

Those families with an annual income of less than $90,000 will be eligible for care coverage of up to $650 per year, per child, for the next two years, for a total of $1,300 per child.

According to the explanations provided by the government, children aged 12 and under with a family income of less than $70,000 will receive up to $650 per year to cover their dental care .

Those with a family income between $70,000 and $79,999 would be entitled to $390 per year while those with an annual family income between $80,000 and $89 $000 would receive up to $260 per year.

At least $900 million will be allocated to this measure starting this year.

This is, according to Prime Minister Trudeau, the first step in a larger plan to provide, by 2025, dental coverage to all citizens under the age of 18, seniors and disabled persons with an income of less than $90,000 per year.

As affordable housing has become a major challenge for a growing number of Canadians, Ottawa will provide a lump sum payment of $500 to recipients of the Canada Housing Benefit. A measure that should benefit more than 1.8 million tenants in the country.

These $500 will be eligible for applicants whose adjusted net income is less than $35,000 for families, or $20,000 for individuals, and who spend at least 30% of their income on housing, specifies the Trudeau government in a statement. press release accompanying the Prime Minister's announcement.

All of these aid measures represent an expenditure of $4.5 billion for the government, including $3 .1 billion dollars which is in addition to funds already allocated in the government's 2022 budget.

These three initiatives to support low-income households and individuals had been proposed originally by the NDP.

The allowances for dental care and for housing were notably part of the Liberal-NDP agreement reached last March to ensure the survival of the minority Liberal government in the House.

While in Northern Ontario, New Democrat Leader Jagmeet Singh hailed his party's work in getting the government to deliver when households across the country need it the most.

“It is thanks to our efforts that we were able to force the government to have this dental care system and we will continue to put pressure on the government.

—New Democratic Party Leader Jagmeet Singh

Families will get money to cover dental care… That's real support for families […] We want a good health care system that is there for people when they need it.

Singh added that many Canadians go into debt to put food on the table and then pay higher interest rates on that debt because the Bank of Canada is driving up the cost of credit for food. attempt to curb inflation. Which only makes things worse for the most vulnerable people, he says.

The announcement of these measures was due to take place last week at the Cabinet retreat in Vancouver, but was delayed due to the death of Queen Elizabeth II.

Prime Minister Trudeau therefore emerged from his caucus retreat taking place this week in Saint Andrews, New Brunswick, to announce these measures.

Freshly elected Saturday as head of the Conservative Party of Canada, Pierre Poilièvre was quick to jump into the arena by denouncing this package of liberal economic measures.

After two years of warning against his money-making inflationary policy, it took my being elected [head of the CCP] for him to suddenly take an interest in inflation, thundered the conservative leader during a meeting. #x27;a statement.

The $500 billion increase in our debt is on top of inflation and the interest rates we're paying…,a he continued.

Reminding the government that Canadians are forced to cut back on their groceries, that 30-somethings are stuck in their parents' basements and that seniors are seeing their savings evaporate with the cost of heating and essential goods, Pierre Poilièvre accused Justin Trudeau to mortgage their financial future by spending lavishly.

“The more the government spends, the more things cost because taxes must then remain high to repay those same expenses. And the higher the taxes, the more expensive it is to produce the goods we buy…”

— Pierre Poilièvre, Leader of the Conservative Party of Canada

He promises all Canadians that there will be no tax increases for workers and seniors. Today he failed… With these announcements he has just programmed tax increases on the paychecks, heating bills and groceries of all these people, he lamented.

With information from La Presse canadienne

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