The federal government has chosen to give Canadians an Extra GST Payment in 2024 to help them deal with the rising cost of living. This payment is meant to help families with low to average incomes deal with the Goods and Services Tax (GST) costs of everyday things.
Extra GST Payment 2024: Eligibility Requirements
You have to fulfill the following requirements in order to be qualified for the Extra GST Payment in 2024:
- Canadian Residency: In order to file taxes, you must be a resident of Canada.
- Income Requirements: Your family’s adjusted net income must be less than the government-imposed ceilings. This cutoff point for single people is usually about $35,000, though it can vary depending on the size of the family and other factors.
- Tax Return Filing: Your 2023 income tax return has to have been submitted. These details are used by the CRA to assess your eligibility and compute the amount of your payment.
- Age: A minimum of 19 years old is required. If you are under 19, you may still be eligible if you are a parent living with their child or if you are a spouse or common-law partner.
Extra GST Payment 2024: Amount
The amount of your Extra GST Payment depends on how many kids under 19 you have, how married you are, and how much money you make.
- Individuals Without Children: Up to $519
- Married or Common-law Couples: Up to $650 per couple
- For Every Child under 19 years old: $171
It is meant that these amounts will help those who need it the most, with the lowest-income families getting the most money.
Extra GST Payment 2024: Payment Schedule
They will be made on the same dates each month in 2024 for both the Extra GST Payment and the GST/HST credit payments. These are the dates:
- January 5, 2024
- April 5, 2024
- July 5, 2024
- October 4, 2024
Extra GST Payment 2024: Application Procedure
Getting an Extra GST Payment is a simple process.
File Your Income Tax Return: You need to send your income tax return to the CRA by April 15, 2023. When you file your return, even if you don’t have any income to report, you are checked to see if you are eligible for the GST credit.
Check Your Eligibility: The CRA will use the information from your tax return to check your eligibility immediately. You can also see what’s going on by logging into your My CRA Account.
Get your refund: Depending on the method you choose, the money will either be sent as a check or immediately transferred into your bank account.