An overview of tax updates from July 2022.
August 3, 2022
July brought a few tax changes. Read on to see what’s new.
What was announced in July?
An increase to Old Age Security payments.
Recipients of the Old Age Security pension who are aged 75 and over saw a permanent 10% increase of their Old Age Security payments, as of July 2022. The first increase was reflected on the July 27 payment.
July benefit payment dates.
Beginning in July, individual benefits changed based on the income information reported on 2021 tax returns. Here’s a breakdown of when you should have received payments if you're eligible:
- GST/HST Credit: July 5
- Ontario Trillium Benefit: July 8
- Climate Action Incentive (ON, MB, SK, & AB), which included the April instalment: July 15
- Canada Child Benefit: July 20
- Québec Solidarity Credit: July 5
- Québec Family Allowance: July 4
Climate Action Incentive Supplement issues in small and rural communities.
Though not a change in July, there is a slight issue with the Climate Action Incentive supplement for residents of small and rural communities, and some married or common-law people have not received the 10% supplement. Of note, for people who live in small and rural communities, there is an additional 10% supplement added to the Climate Action Incentive payment because they live outside of a metropolitan area and may incur additional expenses in terms of home heating, gas, and not having access to things like public transit.
If you're married or living common-law and applied for the supplement on your 2021 return, check to make sure that it was included in your payment.
H&R Block Tax Experts are always here to help you figure out how tax changes will affect your return and look forward to helping you. Choose from one of four convenient ways to file: File in an Office, Drop-off at an Office, Remote Tax Expert, or Do It Yourself Tax Software.