Attention Canadians!

If you’re among those with low to modest incomes, mark your calendars because a significant financial boost is on its way to you. Eligible recipients of the Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit will receive their final payment of the year on Friday.

What is the GST/HST Credit?

The GST/HST credit is a lifeline designed to alleviate the tax burden on individuals and families struggling to make ends meet. Depending on your family status, you could be looking at up to a whopping $519 if you're single, an impressive $680 if you're married or living with a partner, and an extra $179 for each child under 19. This means families could receive substantial amounts that significantly aid their finances.

How to Qualify?

Wondering how to qualify? It's essential to note that you are automatically evaluated for the GST/HST credit when you submit your tax return. Your eligibility hinges on your family net income and the number of dependent children, with details clearly outlined in the Canada Revenue Agency (CRA) guidelines.

Eligibility Criteria

For married parents with one child, your family income must not exceed $60,000 to qualify. Conversely, a single individual with no children must have a net income of $50,000 or less to be eligible for the credit.

Payment Schedule

Payments for this tax credit are distributed quarterly, so after this year's final payment on October 4, the next distribution is scheduled for January 3, 2025. Keep in mind that payments from July 2024 to June 2025 will be calculated based on your 2023 income! If you haven't opted for direct deposit with the CRA, expect a payment via mail, which may take longer.

Conclusion

With the economy still feeling the pinch, this rebate can provide essential support for many Canadians. Don't miss out on the funds you may be entitled to! Stay informed and ensure your tax information is up to date, as it could lead to a much-needed financial respite during these challenging times.