Did you wake up to more money in your bank this morning and aren’t sure why? On October 18th Chrystia Freeland sponsored bill C-30 which enhances the GST Credit.
The bill amends the income tax act to double the GST Credit for 6 months (an annual increase of 50%). Just like your existing GST credit this money is non-taxable and intended to provide Canadians with less mean additional funds to put back into the economy.
While we might disagree in politics, most people won’t complain about a little extra money in the bank pre-Christmas.
The government has also created a calculator to determine how much you will receive.
Of course, there are those that say these types of solutions aren’t the answer (or at best just a bandaid). Organizations like the Canadian Centre for Policy Alternatives have put forward plans to improve our economy and the general well-being of Canadians for years that are often in stark contrast to accepted and followed economic policy. The people who need these benefits the most are often not in a position to follow financial tips like “invest the windfall” or “pay down debt”; rather that windfall goes directly to groceries, rent, a small treat etc.
If you woke up with some extra money this morning how would you spend it?