Since 2015, our government has worked to make life more affordable for Canadians. We’ve lowered taxes for the middle class and raised them for the wealthiest few so that they pay their fair share. We’ve also introduced the tax-free Canada Child Benefit to put more money in the pockets of nine out of ten families.
The Affordability Plan was introduced this year in response to global inflation and totals $8.9 billion in new support to help Canadians cope.
- Legislation was recently introduced through Bill C-30 to double GST credits for six months this year.
- Single Canadians will get an extra $234.
- Couples with two children with get up to $467.
- Seniors will receive an extra $255.
- This will provide $2.5 billion in additional targeted support to the roughly 11 million individuals and families who already receive the tax credit, including about half of Canadian families with children and more than half of Canadian seniors.
- Nearly 2 million low-income renters will be granted $500 as a one-time payment on rent.
- This will be available to applicants with an adjusted net income below $35,000 for families, or below $20,000 for individuals, who pay at least 30 per cent of their adjusted net income in rent.
Workers and families
- The Canada Workers Benefit increased this year to support low-income workers. THOSE Eligible can get an additional $1,200 this year. The CWB will:
- Support an estimated three million low-income workers this year, with a couple receiving up to $2,400 more this year, and single workers receiving up to $1,200 more. You can apply the next time your file your taxes.
Children
A plan is now in place with all provinces to cut childcare costs by 50% by the end of the year with the financial help of the Federal government.
- Dental care for kids 12 and under, who will be given up to $1,300 over two years through a Canada Dental Benefit starting this year.
- This is the first step to develop a national dental care program. The Government of Canada aims to have that program started for those under 18, persons with disabilities, and seniors by the end of 2023, with the full program completed by 2025.
Seniors
- The Old Age Security (OAS) will increase by 10% for seniors 75 and over, providing an additional $766 to more than three million seniors starting July 2022.
- The New Horizons for Seniors Program funded 3,000 community based-projects between 2021 and 2022 and is currently open for proposals, with grants available up to $25,000 per project.
Students
- can apply to the Canada Learning Bond if you’re turning 18 in 2022. You could get up to $2,000 for your education, as well as $6,000 every year in grants and loans.
- Starting November 1st, you won’t have to start repaying your federal student loans until you earn at least $40,000 a year.
- Interest on Canada Student Loans has been waived until March 2023.
