Your GST cheque is changing.

It will now be called the ‘Canada Groceries and Essentials Benefit.’

Ahead of the return of parliament, Prime Minister Mark Carney announced a 50 percent payment increase for this year, followed by 25 percent the next four years.

He says a single person currently receives about $500 a year.

“With the new benefit, that person will receive about $950 this year, and around $700 the next four years,” said Carney.

The PM adds it will help those who need it most with the rising cost of groceries.

“This will deliver hundreds of dollars into the bank accounts of more than 12 million Canadians.”

The changes go into effect this July.

Carney also announced $650 million in aid for food businesses.