Extra GST Payment 2024: When will it be paid & Who is Eligible?

Extra GST Payment 2024, including when it will be paid and who is eligible. Discover how to qualify for this additional financial support and the exact dates to expect your payment. Stay informed to ensure you receive your full entitlement.

In 2024, the Canadian government is providing an extra GST (Goods and Services Tax) payment to help lower-income individuals and families manage the rising cost of living. This payment is part of ongoing efforts to support Canadians facing financial challenges. Here’s everything you need to know about the extra GST payment in 2024, including when it will be paid and who is eligible.

What Is the Extra GST Payment?

The extra GST payment is a supplementary financial assistance provided to eligible Canadians on top of their regular quarterly GST/HST credit. The GST/HST credit is a tax-free quarterly payment designed to help low and modest-income individuals and families offset the cost of the GST or HST that they pay. The extra payment in 2024 aims to provide additional relief to those who need it most during times of economic difficulty.

When Will the Extra GST Payment Be Paid?

The extra GST payment in 2024 will be issued alongside one of the regular quarterly GST/HST credit payments. The payment schedule for the GST/HST credit in 2024 is typically as follows:

1. January 2024
2. April 2024
3. July 2024
4. October 2024

The exact date of the extra payment will likely coincide with one of these quarterly payments. It’s important to check official government announcements or your My CRA Account for specific payment dates.

Who Is Eligible for the Extra GST Payment?

Eligibility for the extra GST payment is tied to the same criteria used to determine eligibility for the regular GST/HST credit. To qualify, you must:

1. Be a Canadian Resident: You must be a resident of Canada for tax purposes.
2. Meet Income Requirements: Your adjusted family net income must fall below the thresholds set by the government. The income thresholds vary based on your family situation (single, married, with or without children).
3. File Your Taxes: You must have filed your 2023 income tax return. The Canada Revenue Agency (CRA) uses your tax return information to calculate your eligibility and payment amount.
4. Specific Criteria: If you already receive the regular GST/HST credit, you are automatically eligible for the extra payment.

How to Check Eligibility

To check your eligibility for the extra GST payment:

1. Visit the CRA Website: The CRA provides detailed information about eligibility criteria on their official website.
2. My CRA Account: Log in to your My CRA Account to view your eligibility status, payment amounts, and payment dates.
3. Contact the CRA: If you need personalized assistance or have questions, you can contact the CRA directly.

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How Much Will the Extra GST Payment Be?

The amount of the extra GST payment will vary depending on your income and family situation. Generally, individuals and families with lower incomes will receive higher payments. The government will announce the exact amounts as the payment date approaches.

How Will the Payment Be Made?

The extra GST payment will be delivered using the same method as your regular GST/HST credit:

1. Direct Deposit: If you have set up direct deposit with the CRA, the payment will be deposited directly into your bank account.
2. Cheque: If you receive your GST/HST credit by cheque, the extra payment will also be mailed to you in the same way.

The extra GST payment in 2024 is designed to provide additional financial support to lower-income Canadians during challenging times. By understanding the eligibility criteria and keeping track of payment dates, you can ensure you receive this additional assistance if you qualify. Stay updated by regularly checking your My CRA Account and monitoring official government announcements for the latest information.