Are you eligible for these financial aids to counter inflation?

Are you eligible for this financial aid to counter inflation?

Quebec Finance Minister Eric Girard.

To help the population better absorb the effects of inflation, the governments of Ottawa and Quebec are suggesting a series of measures aimed at easing the financial burden for individuals and families. Here is a series of three federal measures and one provincial:

One-time supplement to the Canada housing benefit

The federal government is proposing a financial allowance of 500 $ for low income renters. To qualify for this assistance, tenants must have an adjusted family net income of $20,000 or less for individuals, or $35,000 or less for families. You must also have completed a tax return for 2021, and be at least 15 years old.

Eligible people who wish to obtain this benefit have until March 31, 2023 to apply on the Canada Revenue Agency (CRA) website.

Canada Workers Benefit< /h3>

The Canada Workers Benefit (CWB) is a refundable tax credit available to individuals and families who work but earn low income. The ACT is made up of two parts: a basic amount and a disability supplement. The basic amount ranges from $1395 for a single person up to $2403 for a family.

Eligible persons must have lived in Canada all year, be 19 years of age or older on the 31 December or have lived with a spouse or child and be a Canadian resident. To obtain the allowance, workers and people with disabilities must complete Annex 6 on their next tax return.

The additional one-time GST credit payment

In addition to the usual Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit when you file your tax returns revenues, the Government of Canada is issuing an additional $2.5 billion through GST credit payments to help more than 11 million Canadians, individuals and families.

You are eligible if you are a Canadian resident at the beginning of the month the CRA makes a transfer after you file your tax return, and even if you received no income in 2021.

The famous check from the Government of Quebec

The refundable tax credit conferring a new one-time amount for the cost of living, or known as the famous checks between $400 and $600 that the Legault government sends to population is another measure used to alleviate the effects of inflation on the population.

Although the checks are sent automatically, this refundable tax credit is granted exclusively to all eligible persons  who will have filed their income tax return for the 2021 tax year by June 30, 2023 and whose net income for 2021 is less than $104,000.

< p>In addition, you must have resided in Quebec throughout 2021 to be eligible.

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