The government of Canada gives a yearly tax benefit to qualifying people rather than charging them the goods and services tax or harmonized sales tax. This GST/HST credit is aimed at helping individuals with lower to moderate incomes and is funded by the federal government.
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Canada GST HST Credit Dates 2024
As we approach the end of the 2023 financial year, individuals anticipating the GST credit are eager to know the Canada GST HST Credit Dates 2024. Typically, the GST/HST rebate is disbursed in June and July each year. For the 2023 tax year, running from January 1 to December 31, 2023, eligible individuals can expect to receive their GST/HST credit from July 2024 to June 2025.
Objective of GST/HST Credit
The GST/HST credit, a tax-free payment issued by the CRA every quarter, aims to aid individuals and families with low to moderate incomes by reducing the harmonized sales tax (HST) and goods and services tax (GST) they pay on most of their annual expenses.
Eligibility and Forecasts for 2024
Forecasts predict that high inflation will lead to an increase in the GST/HST Credit payment amount and the family income limit for the 2024 benefit year. This adjustment is expected to expand the eligibility for this credit to include more Canadians. It is imperative to ensure accurate filing of tax returns for the 2022 financial year as there is no need to apply for the GST/HST credit. Based on the taxes filed for the 2022 tax year, individuals will receive GST/HST credits through June 2024.
Eligibility Criteria and Payment Schedule
Eligibility for the GST credit is determined by the CRA upon filing taxes for the prior year. Quarterly GST payments are disbursed once every three months, totaling four times a year. Payments for the fiscal year 2023–2024 were made on July 5, 2023, along with others on April 5, 2023, January 5, 2023, and October 5, 2023.
Speculated Payment Dates for 2024–25
Although the government has not officially announced the dates for the GST/HST credit payment, it is speculated that payments in the 2024–25 fiscal year will follow these historical trends, usually occurring on the fifth day of July, October, January, and April.
Amount and Delivery of GST Credit Payment
The amount of the GST credit payment is determined by an individual’s net income and the number of children under the age of 19. Unofficial reports suggest that authorities are considering increasing the tax credit amount in line with inflation and COLA. Those who have opted for direct deposits will have their GST payment automatically credited to the specified checking account. For recipients of HST credit payments via cheque, the payments will be delivered by mail.
FAQs
When will I receive my GST/HST credit payment for 2024?
Eligible individuals can expect to receive their GST/HST credit from July 2024 to June 2025 based on the taxes filed for the 2022 tax year.
How is the amount of the GST credit payment determined?
The amount of the GST credit payment is determined by an individual’s net income and the number of children under the age of 19.
What are the different methods of receiving the GST payment?
Those who have opted for direct deposits will have their GST payment automatically credited to the specified checking account, while recipients of HST credit payments via cheque will receive the payments by mail.