As October draws nears, most Canadians are looking forward to receiving their Goods and Services Tax (GST) refunds. The CRA is set to release the GST/HST quarterly credits to support some people economically, and boost the country’s economy. In this article, I am going to explain all about the Canada GST payment that will be made in October 2024 with intention, eligibility and amount.
Payment Date and Overview
The CRA pays GST and HST quarterly and the upcoming quarterly payment will be made on October 4, 2024. This payment is also structured on an annual basis, as well as the payments made in January, April July and October. Each payment is designed for low- and moderate-income Canadians to help them reduce their taxes.
Eligibility for GST Payments
As a prerequisite for the GST payment, some conditions need to be met by individuals. You need to be a Canadian national or a landed immigrant, and not less than 19 years old. There are earnings conditions; those who want to claim GST credits must earn $35,000 per year or less. The above income limit will be reviewed depending on the earnings of the two if you live with a common-law spouse.
Also, there are more amounts that the families can claim for each dependent child who is under 19 years with disability, each child contribute $179 towards the total payment. For a greater understanding, it must be pointed out that the criteria of eligibility can depend on other factors, like the size of the family and income.
Expected Payment Amounts
A single person can be given up to $519.
- The amounts received by the self from a common-law partner raises the maximum amount to $680 if you are living together.
- Some extra funds are available to families depending on how many children are present in the family.
- These amounts may range from something to something and it depends with the individual entitlement hence one should confirm his or her status well.
Additional Support Programs
In this fiscal year, from CRA, there is no extra amount announced for GST payment; however, some provinces provide additional benefits. For example, people living in Britain Columbia have an added option known as the BC Climate Action Tax Credit. There are better programs to seek in every province, and it is wise to seek those that would favor your case most.
A few parting words on the following Payment
It means that one must keep abreast of the information surrounding the GST payment that is due on October 4. Please make sure that your tax details are correct to avoid any time being wasted by waiting for your lump sum.
For now, the CRA is still handling these payments; however, it’s recommended that anyone using this facility should rely on official government websites and announcements to avoid being misled.
