Get ready, Canada! A financial boost is coming your way in the form of the grocery rebate!
Millions across the nation will receive a special one-time tax credit, a 'grocery rebate', to lighten the load of your grocery bills. Introduced in the 2023 spring federal budget, this initiative is a direct response to the bite of rising food prices. Picture this: as of April 2023, grocery prices have jumped a whopping 9.1% year over year, as per Statistics Canada. Here's the scoop on this exciting new credit, crafted to ease the burden of those escalating costs at the checkout line.
Who is Eligible for the Grocery Rebate?
Eligibility for the grocery rebate is determined for Canadians who meet either of the following criteria:
A household income not exceeding $38,000
An individual income of up to $32,000 or less
Is Application Necessary for the Rebate?
No application is required. To be eligible, individuals need to have submitted their 2021 tax return, even if there was no income to declare. Recipients of the GST/HST credit as of January 2023 are slated to get this payment. However, if you weren't qualified for that credit, you might still be in line for the grocery rebate. This is because eligibility for the rebate hinges on your 2021 tax return, in contrast to the GST/HST credit, which is determined by the 2022 tax returns.
To be eligible for your rebate, it's essential to file your Canadian Personal Tax Return. Osman Accounting is here to assist you with a swift and smooth tax filing process, either online or in-person, ensuring you claim your rebate. Click the link below to get started with your tax filing through Osman Accounting today: File My Return - HERE
What is the Amount of the Grocery Rebate?
The amount received from the grocery rebate varies based on several factors, including your marital status, whether you have children, and the number of children if you do. For single or marrried individuals, the rebate amount is as follows:
To be eligible for your rebate, it's essential to file your Canadian Personal Tax Return. Osman Accounting is here to assist you with a swift and smooth tax filing process, either online or in-person, ensuring you claim your rebate. Click the link below to get started with your tax filing through Osman Accounting today:
File My Return - HERE If you're a Canadian earning below $32,000 annually (or $38,000 for an entire household), anticipate receiving the grocery rebate either through direct deposit or as a cheque in the mail, which will be sent together with your GST/HST payment.
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