Unlock Your Grocery Savings:
Due to the consistently high rate of inflation, many Canadians have been suffering through very tough times; as a result, the Bank of Canada increased interest rates once more. According to Statistics Canada, the Bank of Canada’s interest rates increased by 25 basis points to 4.75% in May, while inflation rose by 3.4%. There might be an additional rise in 2024.
Buying groceries remains one of the most significant problems that Canadians are facing during these hard times. The recently enacted grocery rebate aims to do that. If you’ve seen a notable increase in your food expenses this year, you’re not alone. In fact, grocery costs were predicted to rise by 7% in the Canada Food Price Report 2023.
This suggests that a family of five in Canada will spend more, so let me explain what the Canada Grocery Rebate is., When will the grocery rebate payments be made in Canada, how much will they be paid, who is eligible, and will they be paid in 2024?
What is Canada Grocery Rebate?
The grocery rebate was introduced by the Canadian government in the budget; although it can be used for any purpose, the government refers to this credit as a “grocery rebate” in this instance. Similar measures were taken by the government the year before to assist residents in surpassing the cost of living, such as the temporary increase in the GST credit. The intention is to help Canadians who qualify for the program receive financial assistance.
In July 2024, the first rebate will be issued in conjunction with the next quarterly GST/HST credit payment. How far were you able to grasp it? According to the Canada Revenue Agency (CRA), it will be announced shortly. There are a few things you need to make sure of before you get reimbursed. Canadians needed to have filed their tax forms in order to be eligible for the food reimbursement. After that, the rebate is calculated using your income. The CRA does note that one may be eligible for the rebate but not the GST/HST credit, or the other way around.
Grocery Rebate Canada 2024 Overview
| Today’s Topic | Canada Grocery Rebate |
| Government | Federal Government |
| Country | Canada |
| Under Department | Canada Revenue Agency |
| Aim | To help citizens with food prices |
| Category | Government Aid |
| Grocery Rebate Canada 2024 Payment Date | Expected in July 2024 |
| Grocery Rebate Amount | CAD 225-CAD 628 |
| Official Website | Canada.ca |
Canada Grocery Rebate 2024 Eligibility
To be eligible for this one-time award, you must be at least 19 years old and meet the income requirements.
You qualify if you’re a Canadian single and make at least CAD 45,000.
A couple’s combined family income cannot be more than CAD 65,000.
You also need to file your taxes. The credit is meant to give those with fixed incomes who live paycheck to paycheck extra money for purchases of necessities.
Eligible Canadians with low to moderate incomes number about 12 million.
CRA Grocery Rebate Payment Amount 2024
Watch this page for the Canada Grocery Rebate Payment Amount 2024 as the Government of Canada launches the Grocery Rebate in the coming days. The return was launched earlier this year as a part of Budget 2023, with the intention of providing financial support to eligible Canadians. The Canada Revenue Agency states that the Grocery Rebate will be double the amount of the GST/HST credit that residents got in January 2023.
The CRA further stressed that residents would get the Grocery Rebate if they were eligible for the January 2023 GST/HST credit. The amount of the grocery rebate payment in 2024 is determined by your modified FNI and your family’s circumstances in January. Individuals who are unmarried may anticipate receiving a maximum payout of:
- CAD 234 (no children)
- CAD 387 (with 1 child)
- CAD 467 (with 2 children)
- CAD 548 (with 3 children)
- CAD 628 (with 4 children)
For those who are married or living with a common law partner, they can expect to receive a maximum payment of up to:
- CAD 306 (no children)
- CAD 387 (with 1 child)
- CAD 467 (with 2 children)
- CAD 548 (with 3 children)
- CAD 628 (with 4 children)
How Will i Receive Canada Grocery Rebate Payment 2024
The Canada Revenue Agency will automatically issue a check or direct payment to those who meet the eligibility requirements for the Canada Grocery Rebate Payment 2024. It will be delivered with the next quarter’s GST/HST credit payment. You will be paid twice as much as your GST/HST credit beginning in January.
It is “calculated based on your family situation in January and your adjusted FNI,” according to the Federal Government. In the event that you do not receive your grocery refund by the Canada Grocery refund Payment 2024 Date, it is advised that you wait a few working days before contacting the CRA. The CRA also suggests that individuals review their Notice of Redetermination to find out more about their entitlements, including amounts and dates of payment.