The Canadian government provides the GST credit to help low and moderate-income families. This credit is funded by the government and distributed by the Canada Revenue Agency (CRA). It helps reduce the financial burden by lowering the tax people must pay. The GST credit is paid four times a year.
Contents
Canada GST Credit 2024
The Goods and Services Tax (GST) is a tax applied to almost every purchase in Canada. This includes:
- Real estate transactions
- Various products
- Internet downloads
Since this tax increases everyday costs, the government introduced the GST credit to help low and moderate-income families. To receive this credit, families must file their tax returns on time.
How Much is the GST Credit?
The amount of GST credit a household receives depends on several factors:
- Age of the person receiving the credit
- Adjusted Family Net Income
- Number of children
- Marital status
It’s important to keep your information updated to avoid overpayment or underpayment.
Payment Amounts for July 2024 to June 2025
Household Type |
Payment Amount |
|---|---|
Single households |
$519 |
Married/common-law partners |
$680 |
Child under 19 |
$179 |
If your adjusted family net income for 2023 is above a certain threshold, your 2024 payments may be affected.
When are the GST Credit Payments Made?
GST credit payments are made either through direct deposits or cheques. Direct deposits usually take about 10 days, while cheques might take longer due to postal delays. Cheques are an option for those who don’t have bank accounts.
Payment Schedule
The CRA will make GST credit payments on the following dates:
- 5 July 2024
- 5 October 2024
- 5 January 2025
- 5 April 2025
These dates might change, so checking the CRA and Canadian government websites for updates is a good idea.
Who is Eligible for the GST Credit?
To be eligible for the GST credit, you must meet certain criteria set by the CRA:
- Age: You must be 19 years or older.
- Residency: You must be a permanent resident of Canada with verified citizenship.
- Income: Your annual income must be below the threshold set by the government.
You also need to file your income tax returns, as this is crucial for receiving the payment. Incorrect or invalid information in your tax returns can prevent you from getting the benefits. For more details, visit the CRA’s official website.
How to Apply for the GST Credit
You don’t need to apply separately for the GST credit if you meet the eligibility criteria. The CRA will use the information from your tax return to determine your eligibility. However, if you are new to Canada, you must fill out a form and submit it to your local tax center.
Forms to Fill
With a Child
If you have a child, you need to fill out the RC66 Form or the Canada Child Benefits (CCB) application. Here’s how to do it:
- Obtain the RC66 Form: You can download the form from the CRA’s official website or pick it up at a local tax center.
- Complete the Form: Fill in all the required information, including your personal details, your child’s details, and your income information.
- Submit the Form: Once completed, submit the form to the CRA. You can do this online through the CRA’s My Account service, by mail, or in person at a local tax center.
- Receive Confirmation: After you submit your application, the CRA will process it and send you a confirmation. If approved, you will start receiving the GST credits for your child.
Without a Child
If you do not have a child, you must complete the RC151 Form. Here’s the process:
- Obtain the RC151 Form: You can download the form from the CRA’s official website or get it from a local tax center.
- Complete the Form: Provide all the necessary information, including your details and income.
- Submit the Form: Submit the completed form to the CRA. You can do this online through the CRA’s My Account service, by mail, or in person at a local tax center.
- Receive Confirmation: The CRA will process your application and send you a confirmation. If approved, you will start receiving the GST credits.
New Child in Home
If you have a new child in your home, register the child for GST Credits online through the CRA’s official website. Here’s how:
- Access the CRA’s Website: Go to the CRA’s official website and log in to your My Account service.
- Register the Child: Navigate to the section to register a new child. Provide all the required information about the child, including their name, date of birth, and your relationship to the child.
- Submit the Information: Once you have completed all the details, submit the information online.
- Receive Confirmation: The CRA will process the registration and send you a confirmation. If approved, you will start receiving the GST credits for your new child.
Click the link to know more
Related posts:
Michael is an avid automobile enthusiast who is passionate about all things on wheels. From the latest car models to classic vintage rides, I love exploring the automotive world’s intricate details and engineering marvels. With years of experience in test-driving, reviewing, and analyzing cars, I provide readers with comprehensive insights and honest opinions.