2022 Benefits and Payment Dates

[Ciel21]

No worries about my old account. Because I managed to suspend direct deposit on the old account before April 30, 2021, CRA mailed me cheques for subsequent credit benefits. I input my new account info on June 20 to see if I could get direct deposit for the three separate credits (different days, who thought of that).

BTW, on Twitter-CRA posted that all flagged system issues were resolved in the late morning today. However, users have indicated no direct deposit cash has landed in their accounts today.
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I'm betting there is a 24h lag time on deposits due to the My Account/money push issues. Still, I'll visit my ATM to see if my balance is richer or not today. I don't want any delays with the OTB credit.

No cheque in mail today. Probably tomorrow, if the direct deposit did not take for July.

[Ciel21]

Prime Minister Trudeau finally addressed the promise to double GST payments for six months (I'm reading that as Oct 2022 and Jan 2023):
https://globalnews.ca/news/9113626/l...lan-sept-2022/

https://www.canada.ca/en/department-...sixmonths.html

This announcement had been expected to have been made last week but was delayed to the English monarch's passing. Let's see if the payments get approval and Royal Assent in time for the CRA to process the doubling for Oct.

[eataiag]

I found the bill, C-30, on the parliamentary website. It completed 1st reading on Sep 20. You can track it here: https://www.parl.ca/legisinfo/en/bill/44-1/c-30

I think this is the first bill with the new monarch's name 1 Charles III, the first year of the reign of Charles III. Text of bill: https://www.parl.ca/DocumentViewer/en/44-1/bill/C-30/first-reading

I don't think it's that urgent for the bill to become law before the October 5th payment because the info page says "one-time, lump-sum payment before the end of the year". I think we'll get a payment equal to twice our quarterly payment when the bill becomes law, even if it's outside of the regular payment dates. Looking back, I got my extra COVID payment on April 9 even though the regular quarterly payment was on April 3, 2020.

[Ciel21]

Second reading of bill C-30 was completed today! Looking good so far.

[budgetnewb]

I assume it must go through the senate?

Sent from my SM-A115W using Tapatalk

[eataiag]

Looks like it's still in the Commons. Next step is consideration in committee, then report (by committee I assume), then 3rd reading before reaching the Senate.

I thought Senate is pretty much rubber stamping but it still shows three readings in the Senate.

[tjthemanto]

Climate action incentive payment (CAIP) credit will be this month on October 14, 2022.

Also known as Carbon Rebate payment.

[tjthemanto]

3 credits this month for ON residents.

1. Oct 5 - GST/HST credit
2. Oct 7 - OTB credit
3. Oct 14 - Climate Action Initiative - Carbon Tax Rebate.

[Ciel21]

3 credits this month for ON residents.

1. Oct 5 - GST/HST credit
2. Oct 7 - OTB credit
3. Oct 14 - Climate Action Initiative - Carbon Tax Rebate.

Just a reminder about the monthly OTB credit-that's for Canadians who will receive more than $330 in a tax year and monthly amount is 1/12 of credit.
Those of us who got the lump sum OTB in July or postponed the OTB until next year, won't get an Oct 7 deposit.

[Ciel21]

Found this item on expected timing of GST double payment-3-4 weeks after Royal Assent is received.
https://www.thespec.com/ts/business/...this-week.html


I am saying expect it in November (bit late for me but good for everyone else bracing for colder weather).

[eataiag]

Bill C-30 went through committee on Oct 3. Then reported back to the house on Oct 4 followed by 3rd reading which was various MPs making speeches about the bill.

Looks like parliament won't be sitting all next week Oct 10 - 14. So it will probably be held up for one week unless they can finish 3rd reading then do all 3 readings in the Senate by end of Friday this week.

[brunt]

Unfortunately, Bill C-30 is an ultimately misguided attempt based on very shallow thinking at the federal level.

Inflation occurs when the government produces more money at a rate that is larger than the growth of the economy. This happened in spades during Covid. Students of traditional economics know this.

So prices go up due to the fact that the government created too much money. To combat the result of their error, they are choosing to create more money.

This is a classic example of "the road to Hell is paved with good intentions" - the "cure" is just more of the disease. Like with every previous example of inflation, the politically expedient solutions always make matters worse.

No, I don't rub my hand in glee with people who are suffering, but sometimes you have to be the adult (I am talking to all you guys in the federal government!), and do what may be unpopular, but for the best. Every parent ever knows this.

[eataiag]

Bill C-30 passed 3rd reading in the Senate and received Royal Assent yesterday (Oct 18).

That's one weakness of democratically elected governments, they do what's popular because that's what gets them reelected. Occasionally we're lucky to get great leaders who think long term and do what's best.

I think the UK government tried something similar recently by cutting taxes and funding it by borrowing. The pound started to plummet and bond yields increased. They had to partially reverse course and their equivalent of finance minister was fired.

[eataiag]

CRA My account shows my GST credit double payment is to be made on November 4, two and a half weeks after Royal Assent, not bad.

[Ciel21]

@eataiag THANK YOU!
This is the very info I needed, as today I went to my bank to add my leftover cash (I ran down my balance with purchases) and I told teller I was thinking of closing my account but then I did not know when in Nov this credit might come. Perfect timing and I can then do my account closing afterwards. Relief!