GST/HST Credits: A Relief to Canadians on Taxes
GST stands for Goods and Service Tax, and HST stands for Harmonised Sales Tax.The GST/HST credits on taxes are funds transferred to a Canadian bank as financial assistance. To receive these benefits, one needs to be punctual with the submission of taxes.
The credits are calculated on the family’s net income; no separate application is required if the recipient is a taxpayer. The payers must know the latest GST/HST schedule updates, criteria, and how to receive them from the Canadian Revenue Agency. Read the article for detailed information about the credits.
Know About GST/HST
Canadian Revenue Agency release an amount to the taxpayers every quarter of the month as some credit or financial relief. This amount is GST/HST credits which is tax-free amount provided by Canadian financial institution to encourage moderate income families to duly submit the tax amount.
It covers some amount of taxes such as GST and HST, applied to goods and services in Canada. Credit amount is given on basis of family’s networth, marital status( for single its more), children under 19 years old per $179 per head. For the singles credit is $ 519 and couple it is $ 680.
Eligibility for GST/HST Credits
To get eligible for receiving these credits of GST/HST are given as:-
- Be a taxpayer of Canada.
- Taxpayer must be atleast 19 years of age.
- The person must have filed income tax return, even he has no income.
- For new Canadians, one must file RC151 form mandatory to apply for GST/HST.
Dates approaching for GST/HST Credits
Upcoming dates announced for GST/HST Credits 2024 are :-
- January 5, 2024
- April 5, 2024
- July 5, 2024
- October 4, 2024
CRA recommends to contact the authorities after 10th day of issue day of credits, if recipients haven’t received in the bank account.
Calculation of Credits
The amount of GST/HST credit calculations is based upon family income consist of the person + spouse + children(under 19 yrs, if there). For example,
| Family income | Max. Credit 1 Child | Max. Credit 2 Child |
| $ 30,000 | $859 | $1038 |
| $40,000 | $859 | $1038 |
| $50,000 | $575 | $754 |
| $60,000 | $75 | $254 |
NetFile System for Businesses
Not only for households, but for businesses GST/HST filing is required. Using electronic method is faster and system is available for 24*7 hours. One Canadian businessman can file Monthly, quarterly and annually and stick to the guidelines.
- Monthly Filers- Payment on end of every month
- Quarterly Filers- Payment on end day of quarter month
- Annually Filers- Payment due on April 30 of every year.
Netfile system eases in seamless processes, by providing businesses confirmation on receival of return submission data and allowing quick remittances.
