In order to help Canadians deal with the burden of growing living expenses, the federal government has decided to implement an Extra GST Payment for 2024. This payment is intended to help low- and moderate-income households manage the cost of the Goods and Services Tax (GST) on necessities of life.
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 Extra GST Payment amount that you will get is contingent upon your marital status, income, and the number of kids under 19 living in your family.
- Individuals Without Children: Up to $519
- Married or Common-law Couples: Up to $650 per couple
- For Every Child under 19 years old: $171
With the greatest payouts going to households with the lowest incomes, these sums are intended to significantly support those who need it most.
Extra GST Payment 2024: Payment Schedule
In 2024, the Extra GST Payment will be made on the same dates as the monthly payments for the GST/HST credit. The following dates are these:
- January 5, 2024
- April 5, 2024
- July 5, 2024
- October 4, 2024
Extra GST Payment 2024: Application Procedure
The Extra GST Payment application process is simple.
- File Your Income Tax Return: Make sure to submit your income tax return to the CRA by the deadline of 2023. The evaluation for eligibility for the GST credit is triggered by filing your return, even if you have no income to report.
- Verify Your Eligibility: Using the data from your tax return, the CRA will automatically verify your eligibility. By signing into your My CRA Account, you can also check your status.
- Obtain Your Refund: Depending on your selected method, the payment will either be automatically transferred into your bank account or sent as a check if you qualify.
