Low-Income Canadian Renters Will Receive A One-Time $500 Payment From The Gov't In 2022

With the rising cost of like... everything throughout the country, low-income Canadian renters can expect a one-time payment of $500 from the federal government this year as part of a plan to make life more affordable.

It's one part of a handful of measures aimed at helping Canadians struggling with inflation.

Details regarding eligibility and payout dates for the so-called Housing Affordability Payment have yet to be released. But the Department of Finance stated in a June 16 news release that nearly 1 million renters "struggling with the cost of housing" will benefit from it.

Minister of Finance Chrystia Freeland said that the feds are putting nearly $9 billion into supporting Canadian households rattled by rapidly rising prices.

"We know that Canadians are worried about inflation and that they're asking what their government is going to do about it. That’s why we have a new Affordability Plan — $8.9 billion in new support this year — that is going to put more money in the pockets of Canadians at a time when they need it most," she said in the release.

Other measures include:

1. Enhancing the Canada Workers Benefit,
2. Plans for affordable early learning and child care,
3. A 10% increase to the Old Age Security benefit,
4. The rollout of dental care coverage for lower-income Canadians, beginning with children under 12,
5. Indexing other benefits to inflation.

The Housing Affordability Payment is in addition to a previously announced set of programs and measures, such as a Tax-Free First Home Savings Account and a ban on foreign investment in housing, announced in April.

This article's cover image was used for illustrative purposes only.