Today, Bill C-30, the Cost of Living Relief Act, No. 1 (Targeted Tax Relief), received Royal Assent, doubling the Goods and Services Tax Credit for six months to help make life more affordable for millions of Canadians.

“With the Royal Assent of Bill C-30, our government is delivering on our promise to support Canadians who are most affected by inflation. By doubling the GST Credit for six months we’re ensuring our support is compassionate, targeted, and fiscally responsible, while not adding fuel to the fire of inflation. And, this support is coming right when it is needed—eligible Canadians will receive their payments starting in early November.”

- The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

• The measures in Bills C-30 and C-31 total more than $4.5 billion in targeted support for the Canadians who need it most, of which $3.1 billion is in addition to funding previously allocated in Budget 2022.

  • Doubling the GST Credit will deliver $2.5 billion in additional targeted support to roughly 11 million individuals and families.

• According to the IMF’s October 2022 World Economic Outlook, Canada is expected to have the lowest total government deficit as a percentage of GDP in the G7 this year—a track Canada is forecasted to maintain for the next three years.

  • The IMF also expects Canada to have the lowest net debt burden as a share of GDP in the G7 this year. Canada’s net debt-to-GDP ratio of 30.5 per cent in 2022 compares well to the average among G7 countries of 95.6 per cent.

• These new measures are in addition to other Affordability Plan measures that will support Canadians this year, including:

  • Enhancing the Canada Workers Benefit at a cost of $1.7 billion in new support for an estimated three million low-income workers this year, with a couple receiving up to $2,400 more this year, and single workers receiving up to $1,200 more. Most recipients first received this additional support through their 2021 tax refund.
  • Cutting regulated child care fees in half, on average, for Canadian families by the end of this year.
  • Increasing by 10 per cent the Old Age Security (OAS) pension for seniors 75 years and older, which began in July 2022, which will provide more than $800 in new support to full pensioners over the first year, and increase benefits for more than three million seniors.
  • Providing more support for students by doubling the Canada Student Grant amount until July 2023 and by waiving interest on Canada Student Loans through to March 2023.

Associated links

• Government of Canada introduces legislation to make life more affordable for Canadians - Canada.ca
• Backgrounder: Making Life More Affordable: Doubling the Goods and Services Tax Credit for Six Months - Canada.ca
• Backgrounder: Making Dental Care More Affordable: The Canada Dental Benefit - Canada.ca
• Backgrounder: Making Housing More Affordable: One-time top-up to the Canada Housing Benefit program - Canada.ca
• Making life more affordable for Canadians this year | Prime Minister of Canada (pm.gc.ca) Affordability Plan - Canada.ca
• Deputy Prime Minister outlines government’s Affordability Plan for Canadians - Canada.ca
• Budget 2022 - A Plan to Grow Our Economy and Make Life More Affordable

Media may contact:

Adrienne Vaupshas
Press Secretary
Office of the Deputy Prime Minister and Minister of Finance
Adrienne.Vaupshas@fin.gc.ca

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mediare@fin.gc.ca
613-369-4000

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