The GST (Goods and Services Tax) credit is a quarterly payment provided by the Canadian government to assist low and modest-income Canadians with the GST they pay on goods and services. Funded by the federal government and issued by the Canada Revenue Agency (CRA), these payments help alleviate the financial burden for eligible individuals and families. Here’s a detailed breakdown of the Canada GST Payment Dates for 2024, the payment process, and other essential details.
Payment Schedule for 2024
GST payments are made on a quarterly basis. The payment dates for 2024 are:
- January 5
- April 5
- July 5
- October 5
These payments are based on the 2022 tax return information, covering the period from July 2024 to June 2025.
Maximum GST Payment Amounts
The maximum GST credit amounts for 2024 are as follows:
Single individuals: Up to $496
Married or common-law couples: Up to $650
Each child under 19: $171
Receiving GST Payments
Payments can be received either via direct deposit or cheque. Direct deposit is the faster option, typically taking up to 10 days. Cheques, on the other hand, may take longer, especially in regions affected by mail delays or natural disasters.
Direct Deposit
- Advantage: Faster delivery.
- Process: Payments usually received within 10 days.
Cheque
- Advantage: Alternative for those without bank accounts.
- Process: Delivery time may vary, especially due to postal delays.
Reasons for Payment Delays
While payments are scheduled for specific dates, delays can occur. If receiving payments by cheque, delivery can be slow due to postal service delays or natural disasters like wildfires. Even direct deposits can sometimes take up to 10 days. If you haven’t received your payment after 10 business days, contact the CRA.
Eligibility Criteria
- Be a Canadian resident.
- Be at least 19 years old.
Parents in shared custody agreements might receive half of the GST credit for their child.
How to Apply
When you file your taxes, you are automatically considered for the GST credit. However, if you are a new resident or have specific circumstances, you may need to complete additional forms:
- With children: Form RC66.
- Without children: Form RC151.
These forms should be mailed to your tax center. If you have children and have applied for the Canada Child Benefit (CCB), you might already be receiving the child portion of the GST credit.
Factors Affecting GST Payment Amounts
Several factors can influence the amount of GST credit you receive:
- Child turning 19: Your payment will be adjusted accordingly.
- Change in Adjusted Family Net Income (AFNI): An increase in income can reduce your GST credit.
- Number of eligible children: Any changes can affect your payment.
- Shared custody arrangements: This can alter the payment distribution.
- Marital status: Changes here will impact the GST credit amount.
It’s crucial to keep your information up to date with the CRA to avoid issues with under or overpayments. Changes in income, family status, or the number of eligible children can all affect your GST credit. Regularly check your details and update them as needed to ensure you receive the correct amount.
For any other information regarding GST payments, visit the Canadian Government’s website.