Canada GST/HST Payment on October 4, 2024: As we approach October 2024, millions of Canadians are set to receive the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) credit payment on October 4, 2024. This quarterly tax-free payment is a crucial benefit designed to help individuals and families with low to modest incomes offset the amount of GST or HST they pay on essential goods and services. If you’re wondering whether you’ll receive this payment and how much you can expect, this article will guide you through the key details.
Canada GST/HST Payment in October 2024
The GST/HST credit is an essential financial benefit that helps millions of Canadians manage the cost of living by offsetting the taxes they pay on everyday goods and services. With the next payment coming on October 4, 2024, it’s important to ensure that you’ve filed your 2022 tax return and that all your information with the CRA is up to date. By understanding the eligibility criteria and how to check your payments, you can make the most of this valuable benefit.
| Topic | Details |
|---|---|
| Next Payment Date | October 4, 2024 |
| Eligibility | Canadian residents who filed their 2022 tax return and meet income thresholds based on family size. Must be 19 years or older. |
| Maximum Payment | Up to $519 for singles, $680 for married/common-law couples, plus $179 per child under 19. |
| Payment Frequency | Quarterly (January, April, July, October) |
| How to Check Payment | Visit CRA’s My Account portal for your payment details. |
| Official Source for Eligibility | Canada Revenue Agency (CRA) website |
What Is the GST/HST Credit?
The GST/HST credit is a tax-free quarterly payment issued by the Canada Revenue Agency (CRA) to individuals and families who qualify based on their income. The payment is intended to offset the amount of GST/HST paid on purchases of goods and services, helping lower the financial burden on households with modest incomes.
For 2024, the scheduled GST/HST credit payment dates are:
- January 5, 2024
- April 5, 2024
- July 5, 2024
- October 4, 2024 (this is the next upcoming payment date)
Who Is Eligible for the GST/HST Credit?
To be eligible for the GST/HST credit, you must meet the following basic criteria:
- Be at least 19 years old.
- A resident of Canada.
- File your 2022 tax return. Even if you have no income to report, you must file to be considered for the credit.
The CRA automatically assesses your eligibility based on the tax information you provide, so you don’t need to apply for the credit separately. However, if your marital status changes or you have a new child, it’s essential to update your details with CRA as it may impact your eligibility.
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Income Thresholds for 2024 Payments
The GST/HST credit amount is calculated based on your adjusted family net income for the previous year, as well as the number of eligible children under the age of 19. For the 2024 payment period, your eligibility and amount are based on your 2022 tax return.
Here are the income thresholds for 2024:
- Single person: $54,704
- Married/common-law couple with no children: $57,924
- Married/common-law couple with two children: $65,084
- Single parent with one child: $61,504
How Much Will You Receive Canada GST/HST Payment?
The maximum GST/HST credit payment for the July 2024 to June 2025 period is:
- $519 for single individuals.
- $680 for married or common-law couples.
- $179 for each child under 19 years old.
These amounts can vary depending on your exact income and family structure. For instance, if your income is close to the eligibility threshold, the amount you receive might be lower than the maximum payment.
How to Check If You Will Receive the Payment
If you’re unsure whether you’ll receive the GST/HST payment in October, the best way to verify your eligibility and amount is to log in to your CRA My Account. This online portal provides detailed information on all benefits and credits issued by the CRA, including the GST/HST credit.
You can also sign up for email notifications from the CRA, which will notify you when a payment is scheduled or has been issued.
How Is the Canada GST/HST Payment Made?
Payments are typically issued by direct deposit into your Canadian bank account. If you haven’t set up direct deposit, your payment may come in the form of a mailed cheque, which can take longer to arrive.
To avoid delays, it’s recommended to set up direct deposit via the CRA website or through your financial institution.
What Should You Do If You Don’t Receive the Payment?
If the payment date has passed and you haven’t received your GST/HST credit:
- Wait 10 business days from the payment date before contacting the CRA.
- Check your CRA My Account to ensure all your information is accurate and up to date.
- If your marital status or family situation has changed recently, update your information with CRA as this could affect your payment.
Frequently Asked Questions (FAQs)
Q: Can I still receive the GST/HST credit if I haven’t filed my 2022 taxes?
A: No, to receive the GST/HST credit for the 2024 payment period, you must have filed your 2022 tax return. Filing your taxes is essential, even if you have no income, as this is how the CRA determines your eligibility.
Q: Can both my spouse and I receive the GST/HST credit?
A: No, only one spouse or common-law partner can receive the credit for the household. The CRA will calculate the payment based on your combined income.
Q: My child is turning 19. Will I still receive the GST/HST credit for them?
A: If your child turns 19 before the payment date, they will no longer qualify as a dependent for the GST/HST credit. However, they may qualify for their own payment if they meet the other eligibility criteria.
Q: Can my GST/HST credit be adjusted if my income changes?
A: Yes, if your family income or number of dependents changes during the year, you should notify the CRA as soon as possible. This ensures that your GST/HST payments are adjusted accordingly.
