First GST/HST Credit Payment Based on 2023 Tax Returns Arriving Tomorrow

The first installment of the GST/HST credit is slated to hit Canadian bank accounts on July 5, marking the beginning of this year’s cycle of payments designed to support individuals and families with lower incomes by offsetting sales taxes.

According to the Canada Revenue Agency (CRA), eligible single Canadians could receive a total of $519 spread across four payments, while those who are married or in a common-law relationship could see up to $680. Additionally, families will receive an extra $179 for each child under 19 years old.

Payments will be disbursed on July 5, Oct. 4, 2024, Jan. 3, and April 4, 2025, based on 2023 tax returns. However, recipients whose total credit is less than $50 per quarter will receive the full sum immediately this week.

To qualify for the GST/HST credit, individuals must be Canadian residents for tax purposes at both the end of the previous month and the beginning of the month in which the payment is scheduled. It’s essential to have filed a 2023 tax return, regardless of income earned during that year, to receive the credit.

Applicants must also be at least 19 years old, with exceptions for specific circumstances, at the start of each quarter when payments are issued.

In addition to the GST/HST credit, the CRA is also set to distribute other benefits in July, including the carbon rebate on July 15 and the child benefit on July 19. For those uncertain about their eligibility or the amounts they might receive, the CRA offers an online child and family benefits calculator to assist in estimating potential benefits.

This initiative underscores the government’s commitment to supporting Canadians facing financial challenges, ensuring that eligible recipients can access crucial financial assistance in a timely manner.