Heads up, many people across the country will soon see some extra cash in their bank accounts thanks to a quarterly tax credit that is set to be sent out this week.
The Canadian Revenue Agency (CRA) will be sending out the next HST/GST credit to eligible people across Canada this Friday, Oct. 4.
This payment is non-taxable and sent out four times a year as a means to support people and families with low to modest incomes by helping to offset the harmonized sales tax (HST) and goods and services tax (GST) they pay throughout the year.
The amount you will receive is based on various factors, including your income, the number of children under 19 you care for, and your marital status.
For the 2023 base year – running from July 2024 to June 2025 – eligible people can expect to receive up to $519 if they are single or $680 if they are married or have a common-law partner, as well as $179 for each child under 19.
Similarly, the income level required to no longer be eligible for this credit varies and is based on various factors, including marital status and the number of children you have.
Single people with no children must have a net income lower than $54,704 to qualify, while those with one child are cut off at $61,504. To be eligible, single people with two children have to earn less than $65,084 annually, while those with three children qualify if they earn less than $68,664. For single people with four children, the eligibility cut-off is $72,244.
Meanwhile, those who are married or in a common-law relationship but have no children must have a net income of less than $57,924 to be eligible. That number is a little higher for families with one child, sitting at $61,504. Those with two kids must make less than $65,084, while families with three children must earn less than $68,664, and the cut-off for those with four kids is $72,244.
To be eligible for the HST/GST credit, you must have filed your tax return for 2023, and be a resident of Canada for tax purposes during the month before the CRA makes a payment, and at the beginning of the month of the payment.
Additionally, you must be at least 19 years old to receive the credit. If you are under 19, you must have a spouse/common-law partner, and/or have a child who lives with you.
You can find out more about eligibility for the credit on the Canadian Government website.
The upcoming Oct. 4 payment is the last GST/HST credit that will be sent out this year. The following two payments will be sent out by the CRA on January 3 and April 4, 2025.
However, if the credit calculated in July 2024 is for an amount less than $50 per quarter, those who were eligible received their entire payment on July 5, 2024.
