Carney unveils boost to GST credit to ease affordability pressures

Prime Minister Mark Carney announced a multibillion-dollar boost to the GST credit, including a one-time top-up in June and a 25% increase phased in over five years; the credit will be renamed the Canada Groceries and Essentials Benefit and is said to reach up to 12 million Canadians.

Prime Minister Mark Carney announced a multibillion-dollar boost to the GST credit as part of a package aimed at easing affordability pressures for families. He said eligible recipients will receive a one-time top-up payment in June and that the credit will increase by 25 per cent over five years. The government also announced the credit will be renamed the Canada Groceries and Essentials Benefit and said it could reach as many as 12 million Canadians. Key details: - A one-time top-up payment for eligible recipients is scheduled for June. - The GST credit will be increased by 25 per cent spread over five years. - The program will be renamed the Canada Groceries and Essentials Benefit and is reported to cover up to 12 million Canadians. - The government said it will set aside $500 million from the Strategic Response Fund and add $20 million to the Local Food Infrastructure Fund to address related pressures. Summary: The announcement presents a mix of immediate support and longer-term increases presented as measures to ease costs for families. A one-time payment is scheduled for June and the 25-per-cent increase will be phased in over five years; other funding allocations were also announced. Undetermined at this time.