In October 2024, many Canadians will receive their quarterly GST/HST credit payments, aimed at offsetting some of the taxes paid on goods and services. The Goods and Services Tax (GST) and Harmonized Sales Tax (HST) credit is a tax-free benefit designed to assist individuals and families with low or modest incomes.
Who is Eligible?
To qualify for the GST/HST credit, you must meet specific criteria:
- Be a Canadian resident for tax purposes.
- Be at least 19 years of age or have a spouse/common-law partner.
- Parents under 19 years of age who live with their child may also qualify.
Eligibility is automatically determined when filing your taxes, so you don’t need to apply separately. The amount you receive is based on your adjusted family net income from the previous tax year (in this case, 2023).
How Much Can You Expect?
The payment amounts depend on your marital status and the number of children under the age of 19 who are registered for the Canada Child Benefit (CCB) and the GST/HST credit. For the payment period from July 2024 to June 2025, the maximum GST/HST credit amounts are as follows:
- Single individual: Up to $519
- Married or common-law couple: Up to $680
- Each child under 19: An additional $179 per child
This October payment is one-quarter of the total amount based on your 2023 family income. For example, a single individual could receive approximately $129.75 in October, while a family with two children could expect to receive around $292.25.
When Will You Receive It?
The payments are issued quarterly, typically in July, October, January, and April. In October 2024, most recipients will see their payments on Friday, October 6.
GST/HST Credit Payment Table (2024-2025 Period)
Recipient Type | Maximum Annual Payment | October Payment |
---|---|---|
Single Adult | $519 | $129.75 |
Couple (No Children) | $680 | $170 |
Each Child Under 19 | $179 | $44.75 |
Frequently Asked Questions (FAQ)
1. Do I need to apply for the GST/HST credit?
No. You don’t need to apply separately for the GST/HST credit. When you file your income tax return each year, the Canada Revenue Agency (CRA) automatically determines if you are eligible based on your reported income and family situation.
2. How is the GST/HST credit calculated?
The credit is calculated based on your adjusted family net income from the previous tax year. For 2024-2025 payments, the CRA uses your 2023 income information to determine the amount.
3. What if I don’t receive my payment on the expected date?
Payments are issued on specific dates. If you don’t receive yours, ensure your personal and banking information is updated in your CRA My Account. If everything is accurate, but you still don’t receive your payment, contact the CRA for further assistance.
4. What happens if my family situation changes?
Changes in marital status, custody arrangements, or family income can impact your GST/HST credit. Make sure to inform the CRA promptly to avoid overpayments or underpayments.
5. Can I estimate how much I’ll get?
Yes, you can use the CRA’s Child and Family Benefits Calculator to estimate your GST/HST credit based on your family’s income and number of eligible children.
By staying up-to-date with your tax filings and ensuring the CRA has your correct information, you can maximize the benefits from this important program designed to provide financial relief to those with lower and moderate incomes.