The Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit is a vital financial relief provided to low- and moderate-income individuals and families across Canada. This quarterly payment aims to offset the cost of GST/HST paid on goods and services, ensuring equitable financial support. As 2024 unfolds, staying informed about the upcoming GST/HST payment dates, eligibility requirements, and payment amounts is essential for recipients.
This article will break down everything you need to know about the next GST/HST credit payments for 2024, helping you plan your finances effectively.
What Is the GST/HST Credit?
The GST/HST credit is a tax-free payment designed to assist Canadians with their financial burdens by reducing the cost of GST/HST paid throughout the year. The program is administered by the Canada Revenue Agency (CRA) and provides quarterly payments to eligible recipients.
The credit is automatically calculated when you file your income tax return, and eligible individuals or families are notified about their qualification and payment amounts.
Payment Dates for GST/HST Credit in 2024
For 2024, the GST/HST credit will be distributed on the following dates:
- January 5, 2024
- April 5, 2024
- July 5, 2024
- October 5, 2024
These payments are made quarterly and are typically deposited directly into your bank account. For those who receive payments by mail, the cheques may take a few extra days to arrive. If you don’t receive your payment on the expected date, it’s advisable to check your CRA My Account or contact the CRA directly.
Who Is Eligible for the GST/HST Credit?
Eligibility for the GST/HST credit is determined based on your income tax return. Below are the key criteria:
- Residency:
- You must be a Canadian resident for income tax purposes.
- Age:
- You must be at least 19 years old, or younger if you have a spouse, common-law partner, or are a parent.
- Income:
- Your family’s net income must fall below the CRA’s established threshold. These thresholds vary depending on your marital status and the number of children you have.
- Filing Taxes:
- To qualify, you must file your income tax return, even if you have no income to report. The CRA uses this information to assess your eligibility.
How Much Will You Receive?
The GST/HST credit amount depends on your family’s net income, marital status, and number of children. For the July 2024 to June 2025 benefit period, the maximum credit amounts are as follows:
- Single Individuals: Up to $496 annually.
- Married/Common-Law Couples: Up to $650 annually.
- Per Child: An additional $171 per child.
For example, a family of four (two parents and two children) could receive up to $992 per year. The payment is divided into four equal quarterly installments, simplifying budgeting for recipients.
How to Check Your GST/HST Credit Status
To confirm your eligibility or view your upcoming payment details, you can use the following resources:
- CRA My Account:
- Log in to your CRA My Account to access personalized payment schedules and amounts.
- Notice of Assessment:
- Review your income tax Notice of Assessment, which will indicate your GST/HST credit eligibility.
- Direct Deposit Information:
- Ensure your direct deposit details are up to date to receive payments on time.
What to Do If You Don’t Receive Your Payment
If your GST/HST payment does not arrive by the expected date, consider these steps:
- Check CRA My Account:
- Verify the payment status and your eligibility.
- Confirm Your Banking Information:
- Ensure your direct deposit details are accurate and up to date.
- Contact the CRA:
- If your payment is delayed or missing, contact the CRA to resolve the issue.
Frequently Asked Questions
Q1: Do I need to apply for the GST/HST credit every year?
No, the GST/HST credit is automatically assessed when you file your income tax return. Ensure your taxes are filed annually to remain eligible.
Q2: Can newcomers to Canada qualify for the GST/HST credit?
Yes, newcomers may qualify if they meet residency and income requirements. Additional documentation may be needed for eligibility assessment.
Q3: What happens if my income changes during the year?
The CRA bases your eligibility on your prior year’s income. Significant income changes will affect the following year’s credit calculation.
Q4: Can I receive the GST/HST credit if I have no income?
Yes, individuals with no income may still qualify if they meet other eligibility criteria.
Q5: How do I update my banking information for direct deposit?
You can update your direct deposit information through CRA My Account or by contacting the CRA directly.