GST payment Dates 2024: GST/HST Credit Guide

The Goods and Services Tax (GST) and Harmonized Sales Tax (HST) are consumption taxes levied on most goods and services in Canada. It is crucial to understand the payment dates for GST/HST to avoid penalties on tax obligations.

If you landed on this page, you may have searched on Google for GST Payment dates in 2024. We will save you time as we’ve outlined the important dates you should know.

This blog provides a comprehensive guide on the GST/HST credit, including key aspects such as eligibility criteria, payment schedule, how to apply, impact on individuals, benefits, and recent changes for 2024.

What are the goods and services tax/harmonized sales tax (GST/HST) credits?

Administered by the Canada Revenue Agency (CRA), the goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment designed to assist Canadian individuals and families with low-to-moderate incomes offset all or part of the GST or HST that they pay. It may also include payments from provincial and territorial programs. The purpose of the GST/HST tax credit is to help alleviate the tax burden for low-income households in Canada.

Most of the time, you don't even need to apply for the tax credit directly. You'll automatically be enrolled based on your tax return.

GST/HST Credit Payment Dates For 2024

GST payments are quarterly, which means they're sent every 3 months, for a total of 4 times each year by cheque or direct deposit. The confirmed GST payment dates for 2024 are:

• January 5, 2024
• April 5, 2024
• July 5, 2024
• October 4, 2024

If you stand to receive less than $50 per quarter, you'll receive your GST payment as a lump sum on July 5.

It's not uncommon for the payments to be up to ten business days late, so wait at least that long before you Contact the Canada Revenue Agency for assistance.

Who Is Eligible for the GST/HST Credit 2024

To qualify for the GST/HST credit, you must be a Canadian resident for income tax purposes in the month prior and at the start of the month in which the CRA makes a payment.

You also need to meet one of the following criteria:

• You are 19 years of age or older.
• You have (or had) a spouse or common-law partner.
• You are (or were) a parent and live (or lived) with your child.
• You meet certain income thresholds (details below)

You may still qualify if you're under 19 years old if you meet these requirements:

• you have (or have had) a spouse or common-law partner, and/or
• live (or have lived) with your child.

If you're a parent with a child who's under 19, you can receive their GST payment on their behalf. Unfortunately, this can get a bit complicated – shared custody arrangements or children in the care of a child welfare agency, for example, have quite different guidelines.

Your Corporate Tax Accountant in Toronto can educate you on the basics and help you sort out your tax issues.

What are the income thresholds for the 2024 tax year to qualify for GST credit?

These thresholds are set using relationship status and family size as determining factors – in other words, your income limit will depend on whether you're married or common-law and how many children you might have.

The below table shows the maximum income you can have to be eligible for the tax credit. Note this is your net family income, so it includes both your income and that of your partner after taxes.

If your adjusted family net income is equal to or exceeds the amount indicated in the table above, you will not be entitled to a GST/HST tax credit payment.

For more information, see GST/HST credit – Eligibility.

How much GS/HST tax credit will you receive in 2024?

The GST/HST credit provides substantial financial relief for lower-income Canadians.  The amount of your GST/HST credit depends on

• your net family income,
• your marital status,
• and whether you have children.

These payments help cover the cost of necessities, every little bit counts when trying to make ends meet on a limited income.

The maximum you can receive from the GST/HST credit until the end of the payment period (June 2024) is:

• $496 if you’re single.
• $650 if you’re married or have a common-law partner.
• $171 for each child under the age of 19

These amounts are then divided up into 4 to be sent out quarterly on GST dates throughout the year. If each individual payment is less than $50 each, then you’ll be sent one lump sum payment in July instead of the normal 4 payments.

Be sure to keep your personal information updated to avoid underpayments or overpayments.  If you’ve been getting payments for a while and the amount has suddenly changed, it’s usually because something happened to affect these factors. For instance, if your child turns 20 years old, your net income changes, or your marital status changes.

Though it can be confusing, your Corporate Tax Accountant in Toronto can also help navigate through these tax complexities.

How do I apply for the GST/HST credit?

There is no formal application for the GST/HST credit. In most cases, the GST/HST credit is automatically issued to eligible individuals – which means you don't have to apply for it. Even if you had no income to report, as long as you've filed a tax return, you'll be considered for this credit program.

However, if you’re a newcomer to Canada or you’re claiming GST/HST credit for a child, the process changes.

How to apply to GST payments as a newcomer to Canada

If you’ve arrived in Canada as a permanent resident, refugee, or sometimes even a temporary resident within the last year, you’re considered a newcomer to Canada.  If you are a newcomer to Canada, you will have to fill out a form and submit it to a local tax center. The specific form required depends on whether you have children or not.

• If you have children, you’ll need the Canada Child Benefits Application or Form RC66. This form is for all child and family benefits including, but not limited to, the GST/HST credit.
• If you do not have children, you’ll need the GST/HST Credit Application for Individuals Who Become Residents of Canada, or Form RC151.

How to apply to GST payments for your child

Though your child will be automatically enrolled in GST payments if you apply for the Canada Child Benefit (CCB), you’ll need to manually register them if you didn’t apply for CCB or if you welcomed another child into your home,.

There are 2 ways you can apply for GST payments for your child:

• online at the My Account portal, under “Apply for child benefits”, or
• fill out Form RC66and mail the form to a tax center location.

You will need to confirm your contact information, citizenship, and marital status and fill out some information about your child including name, gender, as well as date and place of birth.

How you'll receive your GST/HST tax credit payments

• Direct Deposit: Direct deposit is the fastest and most convenient way to receive your GST payments. If you're set up for direct deposit with the CRA for other payments (such as income tax refunds), you'll receive an automatic deposit on each payment date and not have to wait to receive a cheque in the mail.
• Cheque: If you haven't signed up for direct deposit or if there's an issue with your banking information, the CRA will mail you a cheque to the address they have on file.

To do this, you'll need to indicate on your tax return that you'd prefer to receive your refund directly deposited into your bank account – this will also signify that this is your preferred method for receiving any benefit payments you may qualify for, including GST.

If you're eligible for other government benefits, you may receive just one payment that combines your GST with these other payments. These deposits will be labeled as "Canada FPT." Otherwise, your direct deposits will likely be labeled as "GST/HST tax credit."

 It's important to ensure that your mailing address and banking information on file with the CRA are accurate and up to date to avoid any delays in receiving your GST payments. You can manage your information through your CRA My Account online or by contacting the CRA directly.

Additionally, if you're eligible for the GST/HST credit but don't receive your payment when expected, you should contact the CRA to inquire about the status of your payment and address any issues that may have arisen.

Recent Changes for 2024

Here are some notable changes to the GST/HST credit for the 2024 tax year:

• Increased Income Thresholds - The income levels to qualify have been raised across all family types. This expansion lets more households access the credit.
• One-Time Grocery Rebate - A special doubled GST payment was issued in January 2023 to help with rising food costs. A similar rebate is anticipated in January 2024.
• Children's Fitness Amount - The annual refundable tax credit for children's fitness is now incorporated into the GST credit.
• Climate Action Incentive - This additional credit for residents of Alberta, Saskatchewan, Manitoba, and Ontario has been indexed to inflation for 2024
• Provincial Credits - Some provinces like Ontario and British Columbia also offer provincial sales tax credits that piggyback on the federal GST program.

Benefits of Receiving GST/HST tax credit for Canadians

Here are some of the main benefits of the GST/HST credit:

• Tax-Free - The credits you receive do not get taxed or affect your income taxes. So, you get to keep every dollar.
• Income Tested - Only lower-income households qualify, targeting those who need it most.
• Quarterly Payments - Getting credits four times a year helps smooth your cash flow and budgeting.

Frequently Asked Questions

1. What is the GST/HST credit?

The GST/HST tax credit is designed to help relieve some of the tax burden for low-income households in Canada. It’s a quarterly tax credit that’s based on your net household income and the number of children you have.

2. When are the next GST payment dates?

The GST payment dates for 2023 are complete, and payments will start again on January 5, 2024. If the quarterly amount you receive is less than $50, you'll be sent a lump sum payment in July instead.

3. How to apply for the GST tax credit?

In most cases, you'll automatically be enrolled based on your tax return. The 2 exceptions are newcomers to Canada and receiving the credit for your child, which requires filling out the appropriate form to be eligible.

4. How is the GST tax credit calculated?

The GST tax credit amount is based on your net family income and how many children you have. The government calculator can provide you with an estimate, although this amount is subject to change as your circumstances change.

5. What’s the maximum income for GST/HST credit?

The maximum income limit for GST credit eligibility depends on how many children you have and your marital status. This ranges from $52,255 for a single individual and up to $69,015 for a married couple with 4 kids.

6. What are GST and HST?

The sales tax you're charged on most things you buy consists of GST ("goods and services") and sometimes PST ("provincial sales tax"). Some provinces combine the 2 as one charge and call it a "harmonized sales tax," or HST.

Conclusion

GST/HST tax credit can help Canadians with medium to low income, save a lot of their hard-earned money. Filing Taxes Tax accountants help Canadians file their taxes at the right time, apply for Canada Child Benefit, and get GST/HST tax credits as well.

If you are encountering any challenges in filing your GST/HST Return feel free to reach out to Filing Taxes at 416-479-8532. Schedule an NTR engagement appointment with us and take the first step toward proper management of your finances.

Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your personal situation and is not intended to be used without consultation from accounting and financial professionals. Salman Rundhawa and Filing Taxes will not be held liable for any problems that arise from the usage of the information provided on this page.