Canada’s economy may be recovering from the pandemic, but many Canadians still struggle with the cost of living, partly due to the effects of global inflation.
To offset the rising cost of living, the Canadian government has incorporated several benefit increases and fee reductions into the scheme. 2023 budget. Among these measures is a new food rebate in the form of a one-time payment for middle- and low-income Canadians designed to offset food inflation.
“Our more vulnerable friends and neighbors are still struggling with rising prices,” Finance Minister Chrystia Freeland said after presenting the budget on March 28.
Here’s what we know about rebates.
How do grocery rebates work?
According to the budget, the benefits will be rolled out through the GST/HST rebate system once the bill implementing it passes the House of Commons. The move basically reuploads and rebrands the recent GST rebate boost.
although not specific Date of payment has been announced, the upcoming payment dates for 2023 GST/HST credits are 5 April, 5 July and 5 October. The rebate will automatically be incorporated into her GST/HST credit, so the eligible Canadian does not need to do anything other than file a tax return. Return to receive payment.
Who Receives Grocery Rebates in Canada?
The Grocery Rebate is aimed at 11 million low- to middle-income Canadians. Eligible couples with two children are offered up to $467, single Canadians with no children up to $234, and senior citizens an average of $225.
The budget does not identify eligible brackets based on income, but outlines a hypothetical scenario in which a couple earning $38,000 a year and an individual earning $32,000 a year both received the maximum rebate.
Since the rebate is incorporated into the GST/HST credit, the eligibility criteria for that credit may provide insight into who is eligible for the maximum amount of the grocery rebate.
GST benefits are Decrease as income increases. It will be phased out completely when the income is over $49,000 for a single person, $50,000 for a couple with no children, and $60,000 for a couple with four children.
How much does it cost to feed a family of four in Canada?
According to the latest data, the average family of four will spend up to $16,288.41 on food this year. canadian food price report, Published by the Agri-Food Analytics Lab at Dalhousie University.
“For a family of four, food costs will increase by about $1,100 this year,” lab director Sylvain Charlebois told CTV News Calgary on Tuesday.
Staple food prices based on March 2023 prices on Fortinos.ca. (Your Morning on CTV)
According to the report, the biggest price increases will be in the cost of vegetables, dairy and meat. According to Charlebois, while food inflation has eased somewhat in recent weeks, Canadians are still out of the woods despite that softening and extra cash in their pockets from food rebates. not.
“We expect things to be a little more manageable for households, probably in the summer, but not before that,” he said. Still expensive, but better than 10%.”
How can I save money shopping for groceries in Canada?
As financial commentator Pattie Lovett-Reid pointed out in an interview on CTV’s Your Morning on Tuesday, the up to $467 grocery rebate for a family of four means an additional $1,100 they can expect to spend on groceries in 2023. It doesn’t even offset half of the dollar family.
“It’s a small amount to help a family of four,” she said. “But is that enough? No, we need to keep inflation under control.”
With purchasing power significantly reduced, more and more consumers are looking for new ways to save money on groceries.
According to a March 22 report published by the Agri-Food Analytics Lab in partnership with Angus Reid, ways Canadians are using to save money at grocery stores include reading weekly flyers, Use coupons, take advantage of volume discounts, and food rescue apps like Too Good To Go and Second Harvest Food Rescue App.
– With files from Senior Digital Congress Reporter Rachel Aiello
