The announcement that the CRA is to grant Canadians extra GST credits in October 2024. To know the details regarding the quarter-payment of GST credits, read the articles for an overview of Extra GST, schedule, criteria, and method to claim with facts.
What are GST and GST Credits?
GST stands for Goods and Services Tax. It applies to tangible and intangible assets, which account for some monetary value to be given to the state or federal government.
GST Credits are tax-free payments and are given as a relief amount to those who file GST returns. The amount is an offset provided to the goods and services. The credits are deposited directly into a beneficiary bank account calculated by the Canadian Revenue Agency (CRA).
The relief is granted to low-level income holders who file GST on time. This is provided to balance out the household budget. It is a refundable amount to ensure fairness by giving some portion of their tax paid.
Overview of Extra GST in Oct 2024
The news of getting the benefit of extra GST Credits in October 2024, can be true or a rumour. The government has been discussing the requirement of increasing credits for households to meet expenses.
But there is no federal announcement. The extra GST Credits are a boon for individuals to meet expenses. The payment is given based on family size and income file.
Quarterly, the Canada Revenue Agency provides $ 519 to the individuals. Couples are given CAD 680 as the maximum payment by CRA. The objective of providing the Extra GST is to lessen the burden of taxes and balance out household budgets. Also, Canadian citizens are emphasizing increasing the amount of CPP, OAs, Child benefits Plans, etc in the second quarter of the year.
Criteria for Eligibility to the Payment of Extra GST
There are some specific criteria for getting eligible to receive the payment of Extra GST directly into the account:-
- Canadian citizens are eligible to get payment for GST Credits in four quarters of the year.
- The age limit for applying for GST Credit is 19 years and above. However, people living with children and spouses can also apply for the same.
- The benefit is for those who have completed returns of GST 2023.
- The income level of an individual beneficiary must be $49166 CAD. The couple’s income limit should be $53070 CAD.
- The people who have children can apply for GST Extra credit CAD 6396 for every child in the house.
Schedule for Extra GST and How to Claim
According to the sources from where the news has been derived, states that the Extra GST amount will be credited at the time of October 2024( Quarterly amount) when GST Credits have to be deposited. The amount will come as increased income. However, there is no official announcement by CRA of an increment in the GST amount.
But here are some steps which will help you to claim GST Credits:-
- You are required to visit CRA’s official website: https://www.canada.ca/en/
- On the Home page of the website, go to the sign-in option.
- Enter your credentials if you are an old user. If not register with your details.
- Now after logging in you can see various services, just click on select the link of GST credit payment October 2024.
- You have to provide tax information along with the personal details.
- Recheck all the information for the Canada Extra GST Benefit Application Form.
- At last, submit the documents required.
After the application is approved, you will automatically receive the GST credit payment as a direct deposit.
Conclusion
The Extra GST Credit of October 2024 is a financial assistance provided by Canadian authorities CRA to encourage taxpayers to be regular with tax regulations and a relief on the budgets of Canadian household.
The news regarding Extra GST has not yet been confirmed but speculations are made that such assistance can be provided. The beneficiaries must check the updates from the My Canada Service website, to check the availability of the scheme.
