Attention Canadian taxpayers! On January 3rd, the Canada Revenue Agency (CRA) will release the year’s first GST/HST credit payment. This initiative is aimed at helping individuals and families with low or modest incomes offset the goods and services tax (GST) and harmonized sales tax (HST) they incur throughout the year. Here’s a complete guide on eligibility, application steps, payment amounts, and other critical details to ensure you don’t miss out on this significant financial benefit.
Who is Eligible for the GST/HST Credit?
To qualify for the GST/HST credit, you must meet specific criteria outlined by the CRA:
- Canadian Residency
For tax purposes, you must be a resident of Canada at the beginning of the month when the CRA issues the payment. - Age Requirement
Applicants must be at least 19 years old during the month of the credit payment. - Eligibility for Individuals Under 19
Those under 19 can qualify if:- They are married or in a common-law partnership or
- They live with their child as a parent.
How to Apply for the GST/HST Credit
Applying for the GST/HST credit is straightforward if you follow the proper procedures:
For Canadian Residents
- Filing an income tax return is mandatory, even if you have no income.
- The CRA will use your tax return to automatically determine your eligibility.
For Newcomers to Canada
- New residents, such as international students, workers with permits, or recent permanent residents, may need to submit additional forms.
- If you are not a parent, complete Form RC151: GST/HST Credit and Canada Carbon Rebate Application for Individuals Who Become Residents of Canada.
- Parents should submit Form RC66: Canada Child Benefit Application and Form RC66SCH: Status in Canada and Income Information.
How Much Can You Receive?
The payment amounts for the July 2024 to June 2025 period depend on your family circumstances and income reported in your 2023 tax return. Below is a breakdown of potential payments:
| Family Type | Maximum Payment | Additional Payment Per Child (Under 19) |
|---|---|---|
| Single Individual | Up to $519 | N/A |
| Married/Common-Law Couple | Up to $680 | $179 |
- The CRA will assess your tax return and notify you of your eligibility and quarterly payment amount in July 2024.
- If you have not received your payment by January 15, 2025, check your CRA My Account to confirm eligibility, update your personal details, or contact the CRA helpline at 1-800-387-1193.
Key Benefits of the GST/HST Credit
The GST/HST credit provides much-needed financial relief to eligible Canadians, including:
- Long-term residents, who benefit from offsets against GST/HST expenses.
- Newcomers, who can apply promptly to access their entitlement.
- Low-income families, who gain support for managing daily living costs.
FAQs
When will the first GST/HST payment for 2024 be issued?
The CRA will release the first payment on January 3, 2024.
Do I need to apply every year for the GST/HST credit?
No, as long as you file your tax return annually, the CRA will reassess your eligibility automatically.
What should I do if I haven’t received my GST/HST payment?
If your payment is not deposited by January 15, 2025, verify your eligibility via CRA My Account, update your banking or mailing information, or call the CRA helpline.
