ST. JOHN'S, NL, Nov. 8, 2022 /CNW/ - In the recent 2022 Fall Economic Statement, the Government of Canada highlighted its plan to continue its sound stewardship of the economy and to be there for Canadians. To help families cope with increasing costs, like rising prices at the checkout counter, the government is delivering targeted support to the Canadians who need it the most by doubling the goods and services tax (GST) credit for 11 million eligible Canadians.
Today, the Honourable Gudie Hutchings, Minister of Rural Economic Development, highlighted the Government of Canada's plan to double the GST credit in the form of a one-time payment. Starting November 4, 2022, an estimated 11 million low- and modest-income Canadians who currently receive the GST credit will automatically receive an additional payment. Single Canadians without children will receive up to an extra $234, and couples with two children will receive up to an extra $467. Seniors will receive an extra $225 on average.
The Canadian economy faces global headwinds from a position of fundamental strength: an unemployment rate near its record low—over 500,000 more Canadians are working today than before the pandemic—the strongest economic growth in the G7 this year, a triple-A credit rating, and the lowest net debt- and deficit-to-GDP ratios in the G7. Canadians should be confident that we will overcome any hurdles and prosper in the days ahead.
"The Fall Economic Statement is a fiscally responsible plan to make life more affordable and grow the economy. The purpose of my visit to Colemans Market today was to address the high cost of living that so many Canadians are concerned about and to highlight an important measure our federal government is taking to put money in the pockets of Canadians who need it most. As of last Friday, an estimated 11 million Canadians have begun to receive an additional GST credit payment. Single Canadians without children will receive up to an extra $234, and couples with two children will receive up to an extra $467. Seniors will receive an extra $225 on average. This payment, equivalent to doubling the GST credit, will provide $2.5 billion in additional targeted support. The investments in the 2022 Fall Economic Statement reaffirm the government's commitment to make life more affordable for the Canadians most affected by rising prices.
– The Honourable Gudie Hutchings, Minister of Rural Economic Development
- The federal government's fiscal anchor—the unwinding of COVID-19-related deficits and reduction of the federal debt-to-GDP ratio over the medium term—remains unchanged. The federal debt-to-GDP ratio is projected to continuously decline and is on a steeper downward track than projected in Budget 2022.
- New measures proposed in the 2022 Fall Economic Statement include:
1. Making life more affordable:
- Permanently eliminating interest on federal student and apprentice loans
- Creating a new quarterly Canada Workers Benefit with automatic advance payments to put more money back in the pockets of our lowest-paid workers, sooner
- Delivering on key pillars of the government's plan to make housing more affordable, including creating a new Tax-Free First Home Savings Account, doubling the First-Time Home Buyers' Tax Credit and ensuring that property flippers pay their fair share
- Lowering credit card transaction fees for small businesses
2. Investing in jobs, growth and an economy that works for everyone:
- Launching the new Canada Growth Fund, which will help bring to Canada the billions of dollars in new private investment required to reduce our emissions, grow our economy and create good jobs
- Introducing major investment tax credits for clean technologies and clean hydrogen that will help create good jobs and make Canada a leader in the net-zero transition, and incentivizing higher wages for workers by increasing the level of the credit when certain labour protections are met
- Implementing a new tax on share buybacks by public corporations in Canada
- Creating the Sustainable Jobs Training Centre and investing in a new sustainable jobs stream of the Union Training and Innovation Program to equip workers with the skills required for the good jobs of today and tomorrow
- 2022 Fall Economic Statement
- Remarks by the Deputy Prime Minister for the 2022 Fall Economic Statement
- Backgrounder: Making Life More Affordable
- Backgrounder: Making Housing More Affordable
- Backgrounder: Jobs, Growth, and an Economy That Works for Everyone
- Technical Backgrounder: Canada Growth Fund
- Annual Financial Report of the Government of Canada 2021–2022
- Affordability Plan
- Legislation to double the GST Credit for six months receives Royal Assent
- Government of Canada introduces legislation to make life more affordable for Canadians
- Legislation to grow Canadian economy and make life more affordable receives Royal Assent
- Deputy Prime Minister outlines government's Affordability Plan for Canadians
SOURCE Innovation, Science and Economic Development Canada
Adrienne Vaupshas, Press Secretary, Office of the Deputy Prime Minister and Minister of Finance, [email protected]; Media Relations, Department of Finance Canada, [email protected], 613-369-4000; General enquiries, Phone: 1-833-712-2292, TTY: 613-369-3230, [email protected]
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