CRA Grocery Rebate 2024, Will you receive another payment this year?
CRA Grocery Rebate 2024, Will you receive another payment this year?
As part of the 2023 Budget, the Canadian government announced the introduction of a grocery rebate. Its main goal is to support Canadians with low and moderate incomes financially during times of rising living expenses, particularly for groceries.
Bill C-46, also referred to as the Cost of Living Act, No. 3, was approved by the Royal Assent on May 11, 2023, and it established the Grocery Rebate. On July 5, 2023, the Grocery Rebate and the subsequent quarterly GST/HST credit payment were distributed. The Corporation has not disclosed intentions to provide a comparable refund in 2024, despite persistently high inflation.
What is the Canada’s Grocery Rebate?
A monetary return granted to citizens as a component of a support program is called a grocery rebate. The 2023 initiative of the Canadian government is a one-time financial aid program designed to assist eligible citizens in making up for inflation-driven increases in living expenses.
In May, Canada’s inflation rate dropped to 3.4%, but grocery prices increased sharply, rising 9% annually. The Competition Bureau concluded in a report published last month that the Canadian grocery industry’s lack of competition affects food prices. In response to growing grocery prices, the federal budget for 2023 included the Grocery Rebate.
Eligibility for the New Grocery Rebate
Whether a person qualified for the January 2023 GST/HST credit determines their eligibility for this rebate. In addition, even if you are not earning any money, you still need to file a tax return for 2021. Because the July GST/HST credit and the Grocery Rebate are based on different tax years, one may be eligible for the former but not the latter.
For tax purposes, the beneficiary must be 19 years old and meet the residency requirements. The net income of a family cannot exceed $38,000 for a family and $32,000 for an individual in order to qualify for the rebate amount. If the net income on the 2021 tax return exceeds $39,826 then payments will be lowered.
How much will you Receive in Grocery Rebate?
The individual’s family circumstances as of January 2023 and their adjusted family net income from 2021 determine the Rebate amount. Eleven million families with low to moderate net incomes receive the rebate amount.
The Canada Revenue Agency assisted in the payment process, which was done by check or direct deposit. The individuals were told to hold off on opening their accounts for ten business days in case they did not receive the money. Eligible beneficiaries were requested to access their CRA account in order to verify the credited amount.
| Category | Net Income | Rebate Amount | GST Credit of 2023 |
|---|---|---|---|
| Single mother | $30,000 | $386.50 | $821 |
| Single senior citizen | $20,000 | $233.50 | $496 |
| Couple with 2 children | $35,000 | $467 | $992 |
The amount paid also differs based on the number of children the single mother, married mother, and mother with a common-law spouse have:
| Number of children | Single Mother | Common Law partner |
|---|---|---|
| 0 | CAD 234 | CAD 306 |
| 1 | CAD306 | CAD 306 |
| 2 | CAD 467 | CAD 467 |
| 3 | CAD 548 | CAD 548 |
| 4 | CAD 628 | CAD 628 |
Who will not receive the Payment?
those who are not citizens of the country for the purposes of income taxation.
The person in question has been behind bars for ninety-nine days or more.
The person is exempt from paying taxes in Canada if they are an officer or employee of another nation.
The beneficiary has passed away.
Will there be another Grocery Rebate Payment in 2024?
It is crucial to keep in mind that the Canadian federal budget introduced the 2023 Grocery Rebate as a one-time financial aid. Therefore, there aren’t any official announcements or plans in place right now for the distribution of a grocery rebate in 2024.
On the other hand, based on the 2023 example, if the Canadian government chooses to carry out a rebate of this kind in the future, the payment would probably be made in July 2024. We’ll update you on this, we promise.