Introduction
The Canadian Revenue Agency (CRA) has released the schedule for the October, 2024 GST/HST credit. This payment is considered as the financial incentive for cancelling the tax share of the citizens. This credit is indeed beneficial since the residents are subjected to high taxes; the credit is crucial, especially for those with poor income.
Payment information and other pertinent information for October, 2024
For the GST/HST credit, which is for eligible individuals, the amount has been determined to be $519 for single persons whereas, for those who are married it is $680. The payment will maintained and brought directly to deposit in the bank accounts of the recipients on 4th of october of 2024. In order to determine whether the applicant may receive this help, he or she should make sure whether the person qualifies to the GST/HST Tax Credit at all.
General information on the GST and HST Credit
The GST/HST Credit is aimed to ease the tax burden on families whose income is within a certain range of the statutory minimum income. This is a quarterly incentive meant to help citizens to pay some of their bills especially those who barely afford the one dollar per day. The credit is claimed by unmarried individuals as well as married couples, and it includes provincial and territorial programs.
Who is entitled to the GST/HST Credit
There are certain conditions for the applicants to be approved for GST/HST Credit. It is mandatory that participants be residents of Canada, be 19 years old and above, and must be up to date with their tax obligations. To all the benefits, the AVMA provides that where children are involved and the parties both have custody, the benefits are calculated as per the existing agreement. Also, applicants should not earn above a certain limit as this is also spelt out.
Capture of Payment Frequency and banking schedule
The GST/HST payment is paid quarterly, is payable on the 5th of every quarter months which includes January, April, July, and October. For 2024, the payment dates are as follows: The last four payments include the one made on 5th of January, the payment on 5th of April, the payment on 5th of July and the following payment which is due on 4th of October.
