Canada’s Goods and Services Tax (GST) and Harmonized Sales Tax (HST) Credit is a key financial assistance program designed to help low-to-middle-income Canadians manage the burden of sales taxes.
With the 2024 GST payment schedule recently announced, many Canadians are curious about how much they will receive and when they can expect their next payment.
In this article, we will cover the GST payment dates, eligibility criteria, how to apply for rebates, and some tips on making the most of your tax credits.
What is the GST/HST Credit?
The GST/HST Credit is a tax-free quarterly payment that helps Canadians reduce the sales tax burden on essential goods and services.
This benefit is especially crucial for individuals and families with low or moderate incomes. By alleviating some of the cost of living, the GST/HST Credit ensures that necessities like food, housing, and utilities remain affordable.
GST/HST Payment Dates in 2024
GST/HST payments are issued quarterly, typically on the fifth day of January, April, July, and October. The specific dates for 2024 are:
- January 5, 2024
- April 5, 2024
- July 5, 2024
- October 4, 2024
These payments are based on your income from the previous year’s tax return, so it’s essential to ensure that your tax information is accurate and up to date.
Missing or incorrect filings could delay your payments or result in receiving the wrong amount.
GST/HST Payment Amounts for 2024
The amount you receive from the GST/HST Credit depends on your family size and net income. The Canada Revenue Agency (CRA) determines your eligibility and calculates your payment based on the information you provide in your tax return. For 2024, the payment amounts are:
- Single individuals: Up to $519 annually.
- Couples (married or common-law): Up to $680 annually.
- Each child under 19: $179 annually.
For a family with two adults and one child, the total annual GST/HST Credit could amount to $821. This financial support can be especially helpful in offsetting the cost of goods and services, allowing families to manage their budgets more effectively.
| Family Composition | Annual Payment |
|---|---|
| Single Adult | $519 |
| Couple (Married/Common-Law) | $680 |
| Child Under 19 | $179 per child |
Eligibility for the GST/HST Credit
To qualify for the GST/HST Credit in 2024, you must meet the following eligibility requirements:
- Age: You must be at least 19 years old.
- Residency: You must be a Canadian resident.
- Income: Your net income must fall below the thresholds set by the CRA. The lower your income, the higher the payment.
Even if you have no income, filing your tax return is essential to ensure you are assessed for the GST/HST Credit. New Canadian residents can apply by submitting Form RC151 to the CRA.
How to Apply for GST/HST Credit Payments
The good news is that there is no separate application for the GST/HST Credit. Simply file your tax return, and the CRA will automatically assess your eligibility.
As long as you meet the criteria, you’ll receive your payment on the designated dates. New residents or those with a change in residency status can submit Form RC151 to ensure they are included in the program.
It’s crucial to keep your tax information up to date and file your returns on time, even if you have no income, to continue receiving this valuable benefit.
Filing and Payment Deadlines for GST/HST
For those who manage a business and collect GST/HST, timely filing and payment are essential to avoid penalties. The deadlines vary depending on your filing frequency:
- Monthly filers: Payments are due by the last day of the month following the reporting period.
- Quarterly filers: Payments are due by the last day of the month after the quarter ends.
- Annual filers: Payments are due by April 30, 2025.
Businesses can file their returns through the CRA’s Netfile system, which is a quick and convenient way to stay on top of your GST/HST obligations. Missing the deadlines can result in penalties and interest charges, so it’s vital to stay on track.
Avoid Misinformation: Fact-Checking the Extra GST Payment
It’s important to fact-check any rumors or misinformation regarding government benefits like the GST/HST Credit. As of now, no official announcements have been made about any extra GST payments in 2024 beyond the regular quarterly payments.
Always rely on verified sources, such as the Canada Revenue Agency (CRA) website, for the most accurate and up-to-date information. If you have specific questions about your situation, it’s wise to consult a financial advisor or contact the CRA directly.
Maximize Your Benefits
To make the most of your GST/HST Credit in 2024, ensure that your tax return is accurate and filed on time. Keeping your family status and income information up to date will help you receive the correct payment amounts.
Additionally, by managing your household income to stay within the CRA’s thresholds, you can maximize your benefits.
FAQs
When is the next GST payment in 2024?
The next GST payment is on January 5, 2024.
How much is the maximum GST credit for single individuals in 2024?
Single individuals can receive up to $519 annually.
Do I need to apply separately for the GST credit?
No, filing your tax return automatically assesses your eligibility.
What are the filing deadlines for businesses regarding GST/HST?
Monthly and quarterly filers must pay by the last day of the following month, and annual filers by April 30, 2025.
Is there an extra GST payment in 2024?
No official announcements have been made about any extra GST payments for 2024.
