In October 2024, Canadians are expected to get an Extra GST Payment to assist them in dealing with the increasing cost of living. This payment is made by the Canadian government under a program that seeks to help low and moderate income earners financially. As an additional help, this payment also contains the GST (Goods and Services Tax) credit, which helps reduce taxes on basic goods and services.
What is Canada Extra GST Payment?
The Canada Extra GST Payment is actually a tax-free reimbursement payment made to eligible residents of Canada on a quarterly basis. It is provided together with the regular GST/HST credit to assist families in managing the price of necessity items and services. The CRA will calculate the payment for you when filing your 2023 income tax return. The next disbursement will be on October 5, 2024, to benefit those who qualify for the program.
Requirements for the Canada Extra GST Payment.
There are certain conditions that you need to fulfil so as to receive the Extra GST Payment in 2024. To get this, you must be a Canadian resident for tax purposes and the adjusted family net income has to be within the Canadian government set threshold.
For singles, this limit is nevertheless $35,000 even if it may differ depending on the number of family members etc. You also have to have submitted your 2023 tax return as the CRA will use this to determine your suitability for the program. However, you must be at least 19 years of age or you can be younger if you are married or have dependents.
How Much Can You Receive?
The Extra GST Payment varies with the number of people in your family and your income. For 2024, single people will be allowed to receive $519 each year while, couples will be eligible to receive $650. If you have children under 19 years of age, each child will be allowed to add an additional $171 to the total payment. For instance, for a family of three, a total of $821 can be given in one year as benefits.
Steps on How to Apply for the Canada Extra GST Payment.
It is quite easy to apply for the Canada Extra GST Payment. Filing of tax returns for the year 2023 is the single most important step that one should take even if he or she has no taxable income. You don’t need to apply for the repayment assistance; the CRA will assess you based on the tax return you filed.
If you meet this criteria, the money will be automatically deposited into your bank account or you will receive a cheque in the mail, your choice. Newcomers in Canada should apply for the GST/HST credit through form RC151 to the CRA to get the amount due.
Some of the Key Time Limits and Filing Procedures
You need to file your tax return in order to be eligible for the GST/HST credit. The majority of people have until April 30, 2024 to file. It is also important for businesses to prepare and submit their GST/HST returns in the right manner, and pay the CRA on time in order to avoid penalties and interest charges.
Through these requirements, the eligible Canadians can get the required financial help through the Canada COVID 19 GST Payment in 2024.
