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This is all part of a greater initiative to provide targeted inflation relief to Canadians. The latest addition to these benefits is the Canada Grocery Rebate.
How the Rebate Works
With the increasing costs of living, including grocery prices, the Canada Revenue Agency has come out with a one time grocery rebate in order to help eligible Canadians. The rising grocery prices can make it very difficult for low and modest income Canadians to make ends meet. There isn't as much extra cash around as there used to be.
This isn't a rebate that you apply for though. Those we qualify for the new grocery rebate will have the funds sent to them directly through cheque or direct deposit.
Who is Eligible?
In order to qualify for this one time payment, you must be at least 19 years of age and meet the income requirements. For single Canadians, you qualify if you've earned $45,000 or less. For couples, the combined household income must be $65,000 or less. You must also have filed your taxes.
The credit is meant to help those on a fixed income, living paycheck to paycheck get some more money to purchase basic necessities. There are almost 11 million low and modest income Canadians who will qualify.
What Do You Receive?
The grocery rebate will be delivered to you along with your GST rebate. The amounts you will receive are based on your income and how many are in your household.
- Eligible couples with 2 children can get up to $467.
- Eligible single Canadians with no children can qualify for up to $234.
- Eligible seniors can qualify for up to $225.
This amount can provide some direct relief for those struggling. Along with other measures, this can take some pressure off of Canadians. That said, the rising cost of groceries isn't supposed to end here. They are predicted to rise another 7% by 2024.
When do you Receive the Rebate?
The federal government hasn't exactly announced yet when the rebate will be given. That said, almost all government benefit programs start their new year in July. If you qualify for the rebate, you will automatically receive it on July 5, 2023.
What to Do if You Still Need Money
If you aren't eligible for this benefit, can't wait to receive it or just don't think it can help, then you may want to consider a personal loan. Credit card payments and credit card transaction fees can be quite expensive. Keep in mind though that there are also predatory lending companies out there that can cost a lot of money as well.
At Spring Financial, we offer personal loans starting at just 9.99% with amounts ranging from $500 to $35,000. You can also pay off the loan in full early with no extra fees or penalties. With our convenient online application, you can also avoid going to the bank.
