The Canada Revenue Agency (CRA) has released the payment schedule for the October 2024 GST/HST credit. This credit provides financial relief to help offset the tax burden faced by Canadians. Given the country’s high tax rates, this credit is especially important for low—to moderate-income individuals and families.
GST & HST Credit Schedule October 2024
The GST/HST credit payments for October 4, 2024, will be directly deposited into recipients’ bank accounts. The payment amounts are:
- Single individuals: $519
- Married individuals or common-law partners: $680
To receive this payment, individuals must confirm their eligibility for the GST/HST Tax Credit.
General Overview of the GST/HST Credit
The GST/HST Credit is designed to reduce the financial strain on families and individuals with low to moderate incomes by helping them cover essential expenses. Paid quarterly, this credit assists Canadians with their tax obligations and helps ease the cost of living for those who need it most. The credit is available to:
- Single individuals
- Married couples or common-law partners
In addition to the federal credit, some provinces and territories have their own complementary programs to assist residents further.
Eligibility Requirements for the GST/HST Credit
To qualify for the GST/HST Credit, applicants must meet the following conditions:
- Be a resident of Canada for tax purposes
- Be 19 years of age or older
- Be up to date with their tax filings
For families with children, the amount of the credit may also depend on existing benefit agreements, such as the Canada Child Benefit (CCB). Additionally, applicants must ensure that their income falls within the income threshold set by the CRA, as the credit is intended for those with low to moderate income levels.
Payment Schedule and Frequency
The GST/HST Credit is paid on a quarterly basis. For 2024, the payment schedule is as follows:
Quarter |
Payment Date |
|---|---|
Q1 |
January 5, 2024 |
Q2 |
April 5, 2024 |
Q3 |
July 5, 2024 |
Q4 |
October 4, 2024 |
These payments are automatically deposited into recipients’ bank accounts, provided they have met the eligibility requirements and are registered for direct deposit.
Additional Information
Applicants who are not registered for direct deposit will receive their payments by mail, but direct deposit is highly recommended for faster and more secure access to funds. Eligible individuals should ensure that their tax returns are filed on time, as the CRA uses the previous year’s tax information to calculate credit amounts.
For families or individuals whose circumstances change (such as a change in marital status or the birth of a child), it’s essential to update these details with the CRA to ensure accurate credit calculations and payment amounts.
Conclusion
The GST/HST credit is critical in supporting Canadians, particularly those with lower incomes, by providing quarterly payments that help offset tax burdens. The next credit will be deposited on October 4, 2024, with $519 for single individuals and $680 for married couples or common-law partners. Eligible Canadians should confirm their status with the CRA to ensure they receive their payment on time.
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