The GST/HST credit is a crucial financial support for Canadians with low to moderate incomes, helping to reduce the financial burden of the goods and services tax (GST) or harmonized sales tax (HST). If you’re wondering about the 2024 payment schedule, eligibility requirements, and how to make the most of this benefit, this guide has you covered.
2024 GST/HST Credit Payment Schedule
The Canada Revenue Agency (CRA) issues the GST/HST credit four times a year. The following are the scheduled payment dates for 2024:
- January 5, 2024
- April 5, 2024
- July 5, 2024
- October 4, 2024
Payments are generally made through direct deposit, though cheques are sent to those without electronic payment setups. These dates are the same for everyone who qualifies.
How Much Can You Expect?
The amount you are eligible for depends on several factors, such as your adjusted family net income (AFNI), marital status, and whether you have children. Here’s a breakdown of the maximum possible payments for the July 2024 – June 2025 period:
- Single adult: Up to $519
- Couple (married or common-law): Up to $680
- Each child under 19 years of age: $179
For example, a couple with two children may receive up to $1,038 annually ($680 + $179 + $179), paid in four quarterly installments.
Eligibility for the GST/HST Credit
To qualify for the GST/HST credit, you must meet the following conditions:
- Residency: You need to be a Canadian resident for tax purposes at the start of the month when the CRA makes a payment.
- Age or Family Status: You must be either 19 years of age or older, have a spouse or common-law partner, or be a parent living with a child under 19.
- Income: Your adjusted family net income must fall below certain thresholds, which vary depending on your family situation.
Income Thresholds for Eligibility (2024–2025)
सम्बंधित ख़बरें
The GST/HST credit is phased out as your income increases. The income thresholds for 2024 are:
- Single individuals (no children): Up to approximately $49,166
- Couples (no children): Up to approximately $52,066
- Families with children: Up to approximately $59,166
Exceeding these income limits may disqualify you from receiving the credit. You can verify your eligibility through the CRA’s online estimator tool.
How to Check Your Eligibility and Payment Information
- File Your Taxes
Your eligibility for the GST/HST credit is determined through your filed tax return. Even if you don’t earn income, it’s crucial to file your taxes each year. - Set Up CRA’s My Account
Create or log in to CRA’s My Account to:- Confirm your eligibility.
- Check payment details, including amounts and dates.
- Update personal information like your address or marital status.
- Register for Direct Deposit
For faster payments, sign up for direct deposit through your financial institution or CRA’s online services.
What to Do if You Don’t Receive Your Payment
If your payment doesn’t arrive by the expected date:
- Wait 10 business days before contacting the CRA.
- Review your CRA My Account for any updates.
- Double-check your personal and banking information.
Financial Planning Tips
- Set Payment Alerts: Stay informed about when payments will be issued, so you can plan your budget accordingly.
- Budget Wisely: Use these funds for essential expenses such as groceries, utilities, or transportation.
- Explore Other Benefits: You may be eligible for additional programs like the Canada Child Benefit (CCB) or provincial assistance. Be sure to check for other benefits that could support your family.
Frequently Asked Questions (FAQs)
- Do I need to apply for the GST/HST credit?
No, as long as you file your taxes, the CRA will automatically assess your eligibility. - Can I qualify for the GST/HST credit if I’m 18?
You can qualify at 18 if you have a spouse, common-law partner, or child. Otherwise, you must be at least 19. - Is the GST/HST credit taxable?
No, it is a tax-free benefit. - Will my payment amount change each year?
Yes, your payment amount may vary depending on changes in your income, family situation, or other factors. - How do I update my personal details, such as marital status or number of children?
Log in to CRA My Account or contact the CRA directly to update your information.
By staying informed about the 2024 payment schedule and eligibility criteria, you can make the most of the GST/HST credit and reduce the impact of sales taxes on your household budget.