The Goods and Services Tax (GST) and Harmonized Sales Tax (HST) are value-added taxes levied on most goods and services in Canada. To provide financial relief to low- and moderate-income individuals and families, the Canadian government offers a GST/HST credit. This tax-free quarterly payment helps offset the costs of these taxes for eligible Canadians. In this article, we will provide an in-depth look at the GST & HST Refund Schedule for 2024, including the amounts, release dates, eligibility criteria, and how you can check the status of your payment.
What is the GST/HST Credit?
The GST/HST Credit is a tax-free payment issued by the Canada Revenue Agency (CRA) to individuals and families who meet the eligibility requirements. The credit is intended to help offset the financial burden of the GST and HST that Canadians pay on their purchases. Payments are made quarterly, and the amount you receive depends on your income and family situation.
GST & HST Refund Amounts for 2024
The amount of the GST/HST credit you receive in 2024 depends on your income from the previous year (2023), as well as your marital status and the number of children you have. As of the 2024 payment period, here’s what you can expect:
- Single individuals: Up to $496 per year.
- Married or common-law couples: Up to $992 per year.
- Additional amounts for children: Up to $260 per child under the age of 19.
Example of GST/HST Credit Calculation
- Single adult with no children: If your adjusted family net income is less than $42,335, you may receive the full credit amount of $496.
- Couple with two children: If your adjusted family net income is less than $55,509, you may receive up to $992 for the couple, plus an additional $520 for the two children, totaling $1,512.
These amounts are paid out over four quarterly payments.
GST & HST Refund Dates for 2024
The GST/HST credit payments are issued by the CRA four times a year. For 2024, the payment dates are as follows:
- January 5, 2024
- April 5, 2024
- July 5, 2024
- October 5, 2024
If the payment date falls on a weekend or holiday, the payment will be issued on the next business day. Payments are usually made by direct deposit, but those who do not have direct deposit set up will receive their payment by mail in the form of a cheque.
How to Check Your GST/HST Payment Status
You can check the status of your GST/HST payment by logging into your CRA My Account or by using the MyCRA mobile app. This will show you when your next payment is scheduled, as well as the amount you can expect to receive.
If you do not receive your payment on the expected date, you should wait at least 10 business days before contacting the CRA to inquire about the delay.
Eligibility for GST/HST Credit in 2024
To be eligible for the GST/HST credit in 2024, you must meet the following criteria:
- Be a Canadian resident: You must be a resident of Canada for income tax purposes.
- Be at least 19 years old: If you are under 19, you may still qualify if you have a spouse or common-law partner, or if you are a parent who lives with your child.
- File an income tax return: Even if you have no income to report, you must file a tax return to be eligible for the credit.
- Meet the income requirements: Your adjusted family net income must be below a certain threshold, which varies based on your family situation.
How to Apply for GST/HST Credit
If you file your income tax return, you do not need to apply separately for the GST/HST credit. The CRA automatically determines your eligibility based on the information provided in your tax return. If you are eligible, the CRA will send you a notice detailing the amount of your payments.
Factors Affecting Your GST/HST Credit
Several factors can influence the amount of GST/HST credit you receive:
- Change in marital status: If you get married, divorced, or separated, you must inform the CRA, as it can affect your eligibility and the amount of credit you receive.
- Change in the number of children: If you have a new child or if a child turns 19, it can affect your credit amount.
- Change in income: An increase or decrease in your income will impact the credit amount. Ensure you report any changes to the CRA to avoid discrepancies.
Impact of Provincial Programs
In addition to the GST/HST credit, some provinces offer additional financial assistance that is tied to the GST/HST credit. For example, Ontario offers the Ontario Trillium Benefit (OTB), which includes the Ontario Sales Tax Credit. Similarly, Newfoundland and Labrador provides the HST credit, which is combined with the federal GST/HST credit.
These provincial programs vary in terms of eligibility criteria, payment amounts, and schedules, but they generally provide additional relief to those eligible for the federal GST/HST credit.
What to Do If You Miss a Payment
If you believe you are eligible for the GST/HST credit but have not received a payment, it’s essential to:
- Verify your eligibility: Ensure you meet all the requirements for the credit.
- Check your CRA My Account: Review the payment dates and amounts.
- Contact the CRA: If you have not received a payment after the 10-business-day waiting period, contact the CRA to inquire about the issue.
Conclusion
The GST & HST credit for 2024 offers valuable financial assistance to millions of Canadians, helping to alleviate the burden of sales taxes. By understanding the eligibility criteria, payment amounts, and refund schedule, you can ensure that you receive the full benefits to which you are entitled. Be sure to file your tax return on time, keep your information up to date with the CRA, and monitor your payment status to avoid any issues.