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


OTTAWA, ON, September 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 assistance to children under the age of 12 if they receive dental care that parents pay for themselves and do not have access to private dental insurance. The proposed one-time increase in Canada Housing Benefit would provide: a $500 Payment to low-income renters facing housing affordability. The government also proposed doubling 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, the additional payment would not need to be requested. The additional GSTC amount would be automatically credited to the eligible recipients.

Subject to parliamentary approval and royal assent, applications for the new dental and housing benefits may be available December 2022. The Canada Revenue Agency (CRA) is gearing up to deliver a smooth, secure, and user-friendly experience. If you’re eligible, here are some steps you can take to ensure you get the money you need for dental care and housing quickly.

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This is how you can prepare yourself so that you can get your money faster!

Sign up for My Account: My Account is the fastest, easiest, and most secure way to claim the new proposed benefits. Also, you can view and manage all your tax information in one place. Sign up now using one of our convenient sign-up options.

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

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

Submit your 2021 tax return: In order to receive the newly proposed dental and housing benefits, you must ensure that you have filed your 2021 tax return. Filing your taxes is easy with the Community Volunteer Income Tax Program (if eligible) or by using NETFILE certified software. You can also file your tax return 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 improve the security of its digital services to further protect Canadians from fraudulent activity. When you sign in or register 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 improvements help you feel safe and secure when using our digital services to view and manage your tax and benefits information.

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Would you like more information?
Making life more affordable for Canadians this year | Prime Minister of Canada (pm.gc.ca)
More Affordable Dental Treatments: The Canada Dental Benefit – Canada.ca
Making Housing More Affordable: One-time Top Up Canada’s Housing Benefit Program – Canada.ca
Making life more affordable: Goods and services tax credit doubled for six months – Canada.ca

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SOURCE Canada Revenue Agency

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View original content: http://www.newswire.ca/en/releases/archive/September2022/21/c0382.html



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