Tax Tip - New benefits and increased credit payments are coming to help make life more affordable

OTTAWA, ON, Sept. 21, 2022 /CNW/ - The Government of Canada has proposed new financial support measures to make life more affordable for Canadians. The proposed Canada Dental Benefit would provide financial support for children under 12 years old if they receive dental care for which the parent has out of pocket costs and does not have access to a private dental insurance plan. The proposed one-time top-up to the Canada Housing Benefit would provide a $500 payment to low-income renters facing housing affordability challenges. The government also proposed to double the Goods and Services Tax Credit (GSTC) for six months for those who receive it.

For GSTC recipients who have already received a payment this year, there would be no need to apply for the additional payment. The additional GSTC amount would be issued to eligible recipients automatically.

Pending Parliamentary approval and Royal Assent, applications for the new dental and housing benefits may be available in December 2022. The Canada Revenue Agency (CRA) is getting ready to deliver a smooth, secure and user-friendly experience. If you're eligible, you can take the following steps to ensure you can quickly receive the money you need for dental care and housing.

Here is how you can get ready so you can get your money faster!

Sign up for My Account: My Account will be the quickest, easiest and most secure way to apply for the new proposed benefits. It also allows you to view and manage all of your tax information in one place. Register now using one of our convenient sign-in options.

Sign up for direct deposit: If you're signed up for direct deposit, you can receive your payment within 5 business days! Sign up today in My Account or through many financial institutions.

Make sure your personal information is up to date: To make it easier to apply when the time comes, make sure your personal information such as your address, banking, and child information are up to date. You can quickly view and manage your personal information in My Account.

File your 2021 tax return: In order to receive the new proposed dental and housing benefits, you will need to make sure you have filed your 2021 tax return. Filing your taxes is easy with the Community Volunteer Income Tax Program (if eligible) or using NETFILE-certified software. You can also file online through a tax preparation service provider that is certified to use our EFILE service. 

Your account security is our top priority! 

The CRA continues to enhance the security of its digital services to further protect Canadians from fraudulent activity. When signing in or registering for My Account, you may notice security features such as multi-factor authentication and that you are required to provide an email address. These security enhancements help you feel confident and safe using our digital services to view and manage your tax and benefit information.

Need More Information?
Making life more affordable for Canadians this year | Prime Minister of Canada (pm.gc.ca)
Making Dental Care More Affordable: The Canada Dental Benefit - Canada.ca
Making Housing More Affordable: One-time top-up to the Canada Housing Benefit program - Canada.ca
Making Life More Affordable: Doubling the Goods and Services Tax Credit for Six Months - Canada.ca

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SOURCE Canada Revenue Agency

Media Relations, Canada Revenue Agency, 613-948-8366, [email protected]