4 Benefits & Tax Credits That Could Get You Some Extra $$$ In 2023

Here are the maximum amounts.

Staff Writer
The flag of Canada against a blue sky.

The flag of Canada against a blue sky.

There are several federal and provincial benefits and tax credits in Canada that give middle and low-income residents a bit of a financial boost. Many you don't even need to apply for — they're just based on your income tax returns and processed automatically. Others may require you to submit an application.

Here are three federal measures (the Canada Workers Benefits, the GST Credit and the Canada Housing Benefit Top-Up) and one provincial measure (the Solidarity Tax Credit) that could add up to some considerable extra cash for eligible individuals.

Quebec's Solidarity Tax Credit = As Much As $800+

Supplied by Revenu Québec, the Solidarity Tax Credit gives some money paid in taxes back to low and middle-income families. Eligible households could receive as much as $800 or more through multiple payments in 2023.

Revenu Québec takes into account your income, living situation, marital status and family size to calculate what you may get. As a single person, you generally won't be eligible for the credit if your annual income is over $58,179. The income cap is $63,351 if you're married without children.

Revenu Québec has a payment estimator tool that eligible individuals can use to see how much they might get through the credit.

GST Credit = Up To $467

@mtlblog

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The GST Credit is a tax-free, quarterly government program that returns some of the money low and middle-income residents of Canada pay in federal sales taxes. The exact amount, if you're eligible, depends on your marital status, number of kids and income.

There's no application process for this benefit; you are automatically considered as long as you've filed your tax returns.

In the current payment period, July 2022 to June 2023, a single person with no children has to have made under $49,166 in adjusted net income in 2021 to be eligible for GST Credit payments. The income ceiling is $52,066 for a married or common-law couple with no children.

The maximum amounts a household could receive in the 2022-2023 period are $467 for a single resident and $612 for married or common-law couples, plus $161 for each child under 19.

You can use this online calculator to estimate your GST Credit amount according to your situation.

One-Time Top-Up To The Canada Housing Benefit = $500

This measure will grant a tax-free payment of $500 to an estimated 1.8 million low-income renters in Canada who are struggling with the rising cost of housing.

To receive this benefit, you must have had an adjusted net income of $20,000 or less in 2021 if you're single, or $35,000 or less for families. You must also have paid at least 30% of that income in rent.

The deadline to apply is March 31, 2023.

Canada Workers Benefit = Up To $1,395 For Single Individuals

Another recourse for people with low working incomes, the Canada Workers Benefit currently gives up to $1,395 to eligible individuals.

That maximum amount is reserved for single people (i.e. people who do not have a spouse, common-law partner or children) who made $22,944 or less in adjusted net income in the previous calendar year. Single people who made $32,244 or more aren't eligible for the benefit at all.

The income cap for families is $42,197. Those who had $26,177 or less in adjusted net income receive the maximum amount: $2,403.

Disabled people receive a supplement, which can reach up to $720 for the lowest earners.

@mtlblog

Here are 4 benefits and tax credits that could get you some extra cash in 2023 🇨🇦💵 #taxcredit #taxcredits #canada #canadian #benefits #taxbenefits #quebec #gst #gstcredit #lowincome #canadiangovernment #montreal #workersbenefit #greenscreen #PepsiApplePieChallenge

Charlotte Hoareau
Staff Writer
Charlotte Hoareau is a Staff Writer for MTL Blog focused in things to do in Montreal and Montreal weather. She is based in Montreal, Quebec.
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