Overview of GST/HST Tax Credit
The Canada GST Increase in 2024 has further opened up the discussion about a GST/HST credit. This is one of the tax credits that aims to reduce the pressure burden on low-income individuals and families in Canada, ensuring quarterly payments that can easily alleviate high cost of living and high taxes. As of October 4 2024, qualified persons were paid $519 for singles and $680 for couples, representing a rise that had been applied in July 2024.
Eligibility to Claim the GST/HST Credit
Applicants are eligible to claim the GST/HST tax credit if they meet all the following requirements:
- Age: The applicant should be at least 19 years old.
- Residency: The applicant must be a Canadian resident.
- Timely Filing of Taxes: Only applicants who filed their taxes on time qualify.
- Incomes are not allowed to rise above certain limits, although these limits do vary by family situation.
Payment schedule and future outlook
The CRA will administer these payments, typically quarterly. The next expected payment dates are January 5 and April 5 2024. The CRA also dispelled rumors circulating that the GST credit is going to be hiked significantly this November, stating that no further increases will be made other than those already in place since earlier this year.
Conclusion
In summary, though the GST/HST credit is set to assist low-income families and individuals in reducing their tax burden, there should definitely be clear-cut eligibility as well as a fixed payment schedule for those seeking relief.
