The Canadian Essential Benefit is a Sign that Something Isn’t Working
In June of this year, our Federal Government will begin a program called “The Canada Groceries and Essentials Benefit.” It is a boost of 25% to the GST rebate for “low to modest income” households from now until the 2030-31 tax year, with an additional 50% added this year. Right now, the existing benefit maximum is $1,086. This means that for the next five years, those eligible will receive $272 extra, plus $533 extra this year. According to the release from the Feds, approximately 12,000,000 Canadian households will qualify. Twelve million. Let that sink in. All told, a household that fully qualifies will receive $1,890 this year (that includes the extra 50%), and then about $1,358 after that, before the program reverts to the normal payouts. The financial planner in me says “take it!” If the government wants to give you funds, then by all means take the assistance.