The Canada GST/HST Credit is a valuable program designed to help lower-income individuals and families offset the Goods and Services Tax (GST) or Harmonized Sales Tax (HST) they pay on goods and services.
This tax-free credit is issued by the Canada Revenue Agency (CRA) on a quarterly basis and provides financial relief to qualifying citizens.
In this article, we’ll cover who qualifies for the credit in 2024, the payment amounts, and key dates for the credit.
Canada GST/HST Credit Payments 2024
The GST/HST credit is intended to reduce the financial burden of GST/HST taxes for low-income individuals and families.
The CRA directly deposits these payments into eligible recipients’ bank accounts, or they may receive the payment by cheque if they have not set up direct deposit.
The credit is automatically assessed when an individual files their tax return, and no separate application is required.
Key Features
- Non-taxable: The GST/HST credit is not subject to tax.
- Quarterly payments: Payments are issued four times a year, ensuring recipients get consistent financial support.
- Automatic eligibility: You do not need to apply separately, as eligibility is determined based on your tax return.
The credit period runs from July 2023 to June 2024, with amounts based on 2022 tax returns. This article will provide details about the payment dates, eligibility requirements, and payment amounts for the 2024 GST/HST credit.
GST/HST Credit Eligibility 2024
Eligibility for the Canada GST/HST Credit in 2024 is determined based on several factors, including age, residency, income, and family status. The following are the key criteria:
- Residency: You must be a resident of Canada at the time the credit is paid by the CRA.
- Age: You must be at least 19 years old. If you’re under 19, you may still qualify if you have a spouse, common-law partner, or are living with your parents.
- Imprisonment: Individuals imprisoned for 90 consecutive days or more are not eligible for the GST/HST credit.
- Income: Eligibility is based on your net income and family status, with the credit aimed at those earning below a certain threshold.
Non-qualifying situations:
- If you do not file your tax return for the relevant year.
- If you are imprisoned for three or more months.
GST/HST Credit Payment Dates 2024
The CRA issues GST/HST credit payments quarterly. In 2024, the payment schedule is as follows:
| Month | GST/HST Credit Payment Date |
|---|---|
| October 2024 | 5th October 2024 |
| January 2025 | 5th January 2025 |
| April 2025 | 5th April 2025 |
If the scheduled payment date falls on a weekend or public holiday, the payment will be issued on the preceding business day.
Recipients should allow up to 10 working days for their payment to be deposited. If the payment is not received within this period, they can contact the CRA at 1-800-387-1193.
GST/HST Credit Payment Amount 2024
The GST/HST credit amount depends on your marital status, number of eligible children, and your net income from the base year.
For 2024, the credit amounts are calculated based on 2022 tax returns. Here’s a breakdown of the payment amounts for different categories:
| Citizen Status | GST/HST Credit Payment Amount 2024 |
|---|---|
| Single Individual | $496 per year |
| Married/Common-Law Couple | $650 per year |
| Each Child under 19 | $171 per child per year |
These amounts are issued over four payments throughout the year. For example, a single individual would receive approximately $124 per quarter.
Example Payment Calculation
If you are a single parent with two children, you could expect the following annual credit:
- Base amount for individual: $496
- Child credit for two children: $171 x 2 = $342
Total yearly credit: $496 + $342 = $838, which is paid quarterly.
How Is the GST/HST Credit Calculated?
The calculation of the GST/HST credit is based on your net income and family status from the base year.
For the 2024 payments, the CRA will use your 2022 tax return to determine your eligibility and payment amount. Here’s how it works:
- Base Year: The base year refers to the tax year prior to the payment period. For payments issued between July 2023 and June 2024, the base year is 2022.
- Net Income: The CRA uses your net income (after deductions) from the base year to determine your credit.
- Family Status: Whether you are single, married, or have children affects your payment amount.
| Base Year | July-Sept Payment | Oct-Dec Payment | Jan-Mar Payment | Apr-Jun Payment |
|---|---|---|---|---|
| 2023 | 2024 | 2024 | 2025 | 2025 |
| 2022 | 2023 | 2023 | 2024 | 2024 |
The Canada GST/HST Credit provides crucial financial assistance to lower-income Canadians by offsetting the costs of GST/HST.
The program is designed to ease financial burdens by offering quarterly, tax-free payments based on income, marital status, and family size.
If you’re eligible for the 2024 GST/HST credit, payments will be deposited directly into your bank account on a set quarterly schedule. Be sure to file your tax return to ensure you automatically qualify for this credit.
FAQs
Who qualifies for the GST/HST credit in 2024?
Residents of Canada who are 19 or older, have filed their tax return, and meet income requirements qualify.
When are the 2024 GST/HST payments issued?
Payments are made on October 5, 2024, January 5, 2025, and April 5, 2025.
How much will I receive from the GST/HST credit in 2024?
A single individual may receive $496 annually, while a family with children could receive more.
Do I need to apply for the GST/HST credit?
No, the CRA automatically assesses your eligibility based on your tax return.
What happens if I don’t receive my payment?
Wait 10 working days after the payment date, then contact the CRA at 1-800-387-1193.
