GST credit targeting low-income Canadians impacted by COVID-19 will arrive a month early
Payments will begin hitting bank accounts and mailboxes in the second week of April
A boost to the GST/HST credit for low-income earners that was supposed to be delivered the second week of May will find its way into the hands of Canadians a month early.
When Prime Minister Justin Trudeau rolled out his $107-billion coronavirus economic support package one of the measures was a promise to provide a one-time special payment to Canadians through the GST credit system by early May.
The federal government pledged to double the tax credit for the 2019-20 tax year, putting $400 in financial assistance for single people and $600 for couples.
The federal government said the measure would pump $5.5 billion into the economy.
Janick Cormier, director of communications and parliamentary affairs for the Canada Revenue Agency, said that payment will now hit bank accounts starting April 9.
The 11.9 million Canadian families who qualify for the credit will get their regular quarterly payment on April 3, with additional 100 per cent top up coming a week later.
The payment is one part of the $107-billion aid package to help families and businesses cope with the global COVID-19 pandemic and includes income supports, wage subsidies and tax deferrals.
The Liberal government passed the legislation to enact the plan on March 25, but Trudeau has already announced that he intends to recall Parliament to pass new legislation to enhance some of the measures and ensure others roll out smoothly.
- This story has been updated from a previous version that incorrectly stated annual GST/HST credit payments come on April 3. In fact, that is a quarterly payment. The headline and story have also been updated to properly refer to the payments as the GST/HST credit.Apr 03, 2020 10:53 AM ET