The Canada Revenue Agency (CRA) is set to release the Extra GST payment for 2024, providing much-needed financial relief to eligible Canadian residents. This benefit, part of the GST/HST credit, is aimed at helping low- to moderate-income families manage their expenses in the coming year.
Quick Overview of Extra GST Payment in 2024
| Particulars | Details |
|---|---|
| Eligibility | Canadian resident, filed 2023 tax return, income within federal thresholds |
| Extra Payment Amount | Up to $519 for singles, $650 for couples, $171 per child under 19 years |
| Payment Dates | January 5, April 5, July 5, October 4, 2024 |
| How to Apply | File your 2023 income tax return; the CRA will automatically assess your eligibility |
| Official CRA Website | Canada Revenue Agency (CRA) |
What Is the Extra GST Payment?
The Extra GST payment is an additional financial aid provided by the Canadian government to eligible individuals and families. It’s designed to offset the cost of goods and services tax (GST) or harmonized sales tax (HST) for those who qualify. For the base year 2023, the payments will be disbursed in four installments between July 2024 and June 2025.
Eligibility Criteria
To receive the Extra GST payment, you must meet the following criteria:
- Age Requirement: You must be 19 years old or older.
- Tax Filing: You must have filed your tax return for the previous year, even if your income was not taxable.
- Residency: You must be a Canadian resident for tax purposes and have been a legal resident at the beginning of the month when the CRA issues the payment.
- Family Status: Eligibility also depends on your marital status and the number of children under 19 in your care.
The CRA will determine your eligibility and payment amount based on your Adjusted Family Net Income (AFNI) for the base year 2023.
Payment Amounts
The amount of the Extra GST payment varies depending on your family situation:
- Single Individuals: Up to $519.
- Married Couples or Common-Law Partners: Up to $680 combined.
- Children: An additional $179 per child, for up to four children.
For example, a married couple with four children, with an AFNI not exceeding $72,244, could receive the maximum credit amount. Single individuals with an AFNI below $54,704 may also qualify for the full payment.
Important Dates
The CRA has scheduled the Extra GST payments for the following dates:
- July 5, 2024
- October 5, 2024
- January 5, 2025
- April 5, 2025
These payments are designed to provide ongoing support throughout the year. If you haven’t received your payment on time, it’s important to ensure that your banking details with the CRA are accurate.
How to Apply
If you meet the eligibility requirements, there’s no need to apply separately for the Extra GST payment. The CRA automatically calculates and issues the payment based on your filed tax return. Ensure your tax return is filed on time to avoid any delays.
Final Thoughts
The Extra GST payment is a valuable resource for Canadians facing financial challenges. By understanding the eligibility criteria and payment schedule, you can better plan your finances for 2024. If you have any questions or need further information, visit the official CRA website or contact your nearest CRA office.
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