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Canadians eligible for tax credit to receive payment in their bank accounts this week, says CRA
In Image Canada Revenue Agency/ courtesy: Wikipedia. org

Canadians eligible for tax credit to receive payment in their bank accounts this week, says CRA

| @indiablooms | 03 Jul 2024, 11:31 pm

Ottawa/IBNS: Eligible Canadians for tax credit payments should expect GST/HST in their bank accounts late this week, according to the Canada Revenue Agency (CRA).

A non-taxable amount, the GST/HST credit is paid four times a year to individuals and families with low and “modest” incomes.

The latest instalment in the quarterly payment program is expected on Friday, the CRA’s website said.

Aiming to help offset the goods and services tax, the CRA harmonized sales tax that they pay.

Individuals are eligible for tax credit, says the CRA,  if they are a resident of Canada for income tax purposes at the start of the month when the CRA makes a payment.

Individuals must be 19-years-old and older in the month before the quarterly payments,

Eligibility for tax credit also depends on how much you make and your personal circumstances.

For example, a single person with no children only qualifies for the credit if their net income is $50,000 or less.

The amount of credit for each individual is based on marital status, eligible children registered for the GST/HST credit and adjusted family net income for the 2023 base year, the CRA says.

Single person may receive up to a maximum of $519, while Canadians who are married or have a common-law partner can get up to $680. They may also receive additional funding of up to $179 per child under the age of 19. The totals are divided over the course of a year into four payments.

The actual amount a person or family receives is based on factors including salary and the number and ages of your children and custody arrangements.

Payments received between July 2024 and June 2025 will be based on your income in the 2023 tax year.

The CRA’s child and family benefits calculator  gives an estimate of your GST/HST credit.

The next for the GST/HST credit is Oct. 4.

Before that, those eligible for the Canada Carbon Rebate credit, formerly known as the climate action incentive payment, can expect that benefit to be deposited on or around July 15.

CRA’s benefits page lists the dates of all tax credit and benefit deposits, including the disability tax credit, Canada child benefit and specific provincial and territorial benefits.

(Reporting by Asha Bajaj)

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