The final installment of the quarterly payment program is expected Friday, according to the ARC website.
Here’s what you need to know about the tax credit.
This text is a translation of an article from CTV News.
What is this?
The GST/HST credit is a tax-free amount paid four times a year to individuals and families with low or “modest” incomes. Here is a ARC table on the income levels eligible for this benefit.
The CRA says the goal is to help offset the goods and services tax and harmonized sales tax they pay.
Am I eligible?
The CRA says an individual is eligible if they are a resident of Canada for income tax purposes at the beginning of the month in which the CRA makes a payment.
In the month preceding quarterly payments, individuals must be 19 years of age or older. Individuals under 19 must meet one of the following conditions:
- Have or have had a spouse or common-law partner
- Being or having been a parent and living or having lived with one’s child
Additionally, eligibility depends on your income and personal circumstances. For example, a single person with no children is only eligible for the credit if their net income is less than or equal to $50,000.
Check this out ARC table for more details on thresholds.
How much is the credit?
The CRA calculates the credit amount for each person based on marital status, eligible children registered for the GST/HST credit, and adjusted family net income for the 2023 base year.
Singles can receive up to $519, while married or common-law Canadians can receive up to $680. In addition, they can receive additional funding of up to $179 for each child under the age of 19.
The actual amount an individual or family receives depends on factors such as salary, number and ages of children, and child care arrangements.
Payments received between July 2024 and June 2025 will be based on what you earned in the 2023 tax year.
To get an estimate of your GST/HST credit, you can use the CRA Child and Family Benefit Calculator.
When will the next payment be made?
The next and final GST/HST credit payment will be made on October 4.
Before that, those eligible for the Canada Carbon Rebate Credit, formerly known as the Climate Action Incentive Payment, can expect the benefit to be paid on or around July 5.
The filing dates for all tax credits and benefits, including the Disability Tax Credit, the Canada Child Benefit and certain provincial and territorial benefits, are listed on the ARC Benefits Page.
