The Extra GST Payment for 2024 is an initiative designed to provide financial relief to low- and moderate-income Canadians, supplementing the regular GST/HST credit.
With inflation and rising living costs continuing to impact households, this payment helps offset the tax burden on essential goods and services.
Here’s everything you need to know about eligibility, amounts, and payment dates for the extra GST payment in 2024.
What Is the Extra GST Payment?
The Extra GST Payment is a supplemental, tax-free financial benefit provided on top of the regular GST/HST credit.
It’s issued quarterly and aims to help individuals and families manage the cost of the Goods and Services Tax (GST) on everyday expenses.
Quick Facts
| Feature | Details |
|---|---|
| Eligibility | Canadian residents with income within federal thresholds who filed their 2023 tax return. |
| Payment Amount | Up to $519 for singles, $650 for couples, and $171 per child under 19. |
| Payment Dates | January 5, April 5, July 5, and October 4, 2024. |
| How to Apply | File your 2023 income tax return; the Canada Revenue Agency (CRA) automatically determines eligibility. |
Eligibility Criteria
To qualify for the Extra GST Payment, you must meet the following conditions:
1. Canadian Residency
You must be a Canadian resident for tax purposes during the period covered by the payment.
2. Income Requirements
Your adjusted family net income must fall within the income thresholds set by the federal government. These thresholds vary based on family size:
- Singles: Maximum income of approximately $35,000.
- Families with Children: Threshold increases with household size, offering higher limits for families.
3. Tax Filing
Filing your 2023 income tax return is essential, even if you have no income. The CRA uses your return to assess your eligibility.
4. Age Requirement
- You must be at least 19 years old.
- Exceptions: If you’re under 19 but have a spouse, common-law partner, or a child living with you, you can still qualify.
How Much Will You Receive?
The payment amount is determined by your income, marital status, and the number of dependent children under 19. Below is a general breakdown:
| Category | Amount (CAD) |
|---|---|
| Single Individual | Up to $519 |
| Married or Common-Law Couple | Up to $650 per couple |
| Per Child (Under 19) | $171 per child |
Those with the lowest incomes will receive the highest amounts, providing meaningful support to families and individuals who need it most.
Payment Dates
The extra GST payment aligns with the regular GST/HST credit schedule. Mark these dates for 2024:
- January 5, 2024
- April 5, 2024
- July 5, 2024
- October 4, 2024
Payments are either deposited directly into your bank account or sent via cheque, depending on your CRA account preferences.
How to Apply
Applying for the Extra GST Payment is simple:
- File Your Taxes
- Submit your 2023 income tax return to the CRA by the deadline.
- Include all relevant information about your marital status, income, and dependents.
- Automatic Assessment
- The CRA automatically determines your eligibility based on your tax return. No separate application is required.
- Receive Your Payment
- Payments will be automatically issued to your registered bank account or sent as a cheque, depending on your CRA settings.
- Check Your Status
- Log in to your CRA My Account to view your eligibility and payment schedule.
Tips to Maximize Your GST Credit
- File Taxes on Time
Ensure you file your taxes by the April 30 deadline to avoid delays in receiving your payment. - Update Personal Information
Keep your marital status, dependents, and banking details current with the CRA to avoid errors or missed payments. - Claim All Deductions
Report eligible deductions like medical expenses or child care costs to maximize your benefits. - Monitor CRA Account
Regularly check your CRA account for updates on payment amounts and eligibility.
The Extra GST Payment in 2024 is a crucial support mechanism for Canadians facing financial strain. By filing your taxes on time and ensuring your personal information is accurate, you can benefit from this and other government programs aimed at easing the cost of living.
Stay proactive and informed to make the most of the assistance available. For official details, visit the Canada Revenue Agency (CRA) website.
