Canadians have something to look forward to ahead of the weekend: a chunk of change will be deposited to their bank accounts as early as this Friday.
The latest round of the goods and services tax/harmonized sales tax (GST/HST) credit payments will be distributed on July 5, and some eligible recipients could receive up to $680.
The tax-free quarterly payment is intended to help individuals and families with low and modest incomes offset the GST or HST that they pay. It’s generally eligible for most Canadian residents over the age of 19.
WHO IS ELIGIBLE?
New residents must have lived in Canada during the month prior to the credit payout and at the beginning of the month. For this upcoming payment, residents need to have lived in Canada beginning in June and continuing on through to the beginning of July.
Residents who are 18 years old and have filed their tax return will receive the credit if they turn 19 before July 5.
Parents in a shared custody arrangement may be eligible for half of the GST/HST credit for their child.
HOW MUCH WILL I GET?
Payments are based on a family’s adjusted net income as well as the number of children under the age of 19 in the family that are registered for the Canada Child Benefit. According to the Government of Canada website, for the 2023 base year (payment period from July 2024 to June 2025), you could get up to:
- $519 if you are single
- $680 if you are married or have a common-law partner
- $179 for each child under the age of 19
The government has also provided a child and family benefits calculator for recipients to get an estimate of their GST/HST credit.
A GST/HST payment amount is subject to being reassessed and is dependent on a number of factors such as changes to a family’s net income, marital status changes, an eligible child turning 19, and the death of a recipient.
HOW DO I APPLY?
As long as tax returns have been filed, Canadians will automatically receive the payment.
New residents with children need to fill out a RC66 form on the CRA website, while those who don’t have children need to fill out the RC151 form.
The next round of GST/HST payments for the year will be distributed on Oct. 5, 2024.
