Covid 19 – Additional GST Credits and Canada Child Benefits

 

Why this message to you today?  Have you seen some additional money added to your bank account recently?  The Federal Government, in response to the Covid-19 outbreak and the need for people to stay at home, has provided some supplemental income benefits to those who qualify through the GST tax credits and the Canada Child Benefit.

 

More Specifically:  (source: I have drawn this information from Federal Government website).

  • Additional Canada Child Benefit:  Up to an extra $300 per child through the Canada Child Benefit (CCB) for 2019-20. This will mean approximately $550 more for the average family and will be delivered as part of the scheduled CCB payment in May.  Those who already receive the CCB do not need to re-apply.

  • Additional GST Tax Credit:  You may receive a one-time special payment starting April 9 through the Goods and Services Tax credit for low- and modest-income families.  The average additional benefit will be close to $400 for single individuals and close to $600 for couples.  There is no need to apply for this payment. If you are eligible, you will get it automatically.

 

If you are seeing some additional money in  your bank account today, it may be from one of these two sources.

 

For more information you can go to the Government of Canada Economic Response Plan: https://www.canada.ca/en/department-finance/economic-response-plan.html

 

"IMPORTANT DISCLOSURES: The comments above are for information purposes only and do not constitute specific financial advice regarding your specific situation. Please consult a professional financial advisor who is familiar with your personal situation before acting on any information presented above. Every effort has been made to ensure this information is presented responsibly and accurately. However, important details may have been missed or these details may have changed since the publication of this note. All facts and opinions noted above must be reviewed to ensure their accuracy is still relevant based on today’s specific situation, whatever that may be. Nelson Financial Planning Corp is not responsible for any action you take regarding this information."