The inaugural installment of the Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit, constituting the first of four scheduled payments, is anticipated to be deposited into the bank accounts of Canadians on the 5th of July.
This non-taxable credit, distributed in four installments, is designed to assist individuals and families with low to moderate incomes in mitigating the impact of sales taxes they incur.
According to the Canada Revenue Agency (CRA), single individuals may receive a maximum credit amount of $519 over the four-payment period, whereas couples or those in a common-law relationship could be eligible for up to $680.
Furthermore, for each child under the age of 19, an additional credit of up to $179 is available.
The CRA has announced that the forthcoming payments, based on the information provided in 2023 tax returns, are scheduled to be distributed on the 5th of July, October 4, 2024, and January 3, and April 4, 2025.
However, individuals whose total credit amount does not exceed $50 per quarter will receive the entirety of their credit in the current week.
To qualify for this credit, it is imperative that the individual is a resident of Canada for tax purposes at the end of the month preceding the payment date and the beginning of the month in which the payment is to be made, as per the CRA’s guidelines.
It is also a requirement to have submitted your 2023 tax return to be eligible for this credit, even in the event that no income was earned in the previous year.
Additionally, the CRA has indicated that other benefit payments will be distributed in July, including the carbon rebate on July 15 and the child benefit on July 19.
