The Canadian Federal Government Provides Extra GST Payment on quarterly basis to the citizens. The taxpayers who have filed the previous year’s tax returns before the 30th of April 2024 will get a Canada Extra GST Payment coming soon. The CRA offers GST credits to low and modest income families so that they can cover extra living costs while maintaining the debt income ratio. To get the Extra GST Payment, individuals have to stick to particular annual income limits depending on personal circumstances and current status. Know more about the Canada Extra GST Payment Eligibility, how much is the next GST payment in 2024, and when is the extra GST payment coming?
Canada Extra GST Payment 2024
Based on the previous year’s annual income, beneficiaries will have the GST payment for the financial years 2024 and 2025. If the income is higher or exceeds the base levels, the individuals will not receive even the reduced credits from the CRA. In case, the income while reporting the taxes is low and then in the final documents, it is higher than mandated levels, beneficiaries have to make compensations for under or over-payments as per the case. The Canada Extra GST payment is a family benefit plan that means couples along with their children get financial coverage from the federal government of the country.
All prospective beneficiaries need a “social insurance number” to avail of GST credits even the newcomers to the country can make use of the payments on the condition that they are residents of the country on the 1st of the month getting the benefits. For the base year 2023, the Canada Extra GST Credit will be available from July 2024 to June 2025 and taxpayers receive it in four equal amount of installments. The highest Adjusted Family Net Income or AFNI for a married couple with four children does not exceed $72,244, then only the couple will have the highest amount of GST credit for six individual persons.
Canada Extra GST Payment 2024 Quick Details
|
Title |
Canada Extra GST Payment 2024 |
|
Country Name |
Canada |
|
Concerned Agency |
CRA |
|
Category |
Federal Payment for Financial Assistance |
|
Payment Frequency |
Four Times a year |
|
Extra GST Payment Amount |
$680 for Couples |
|
Expected Payment Dates |
Releasing Soon |
|
Official Website |
www.canada.ca |
Canada Extra GST Payment Eligibility
If you meet the following eligibility criteria, you will receive the Extra GST Credit
- 19 years old or older
- Have filed previous year tax returns even if the annual income is not taxable
- Are a Canadian resident for tax purposes of the country
- A legal or permanent resident of the country before the month CRA offers payment
- And after the month the CRA offered the payments for Extra credits
- The children for whom the GST credits are claimed must not be older than 19
If you and your spouse or common-law partner have filed for the GST credits jointly, then the one who has filed the claim early will receive the payments for the whole family including eligible children. The Divorced or separated couples Can get GST payment amounts as well. For example, if someone are providing for 50% of the cost of raising the children, then the CRA offers you 50% of the credit.
Canada Extra GST Payment Amount
The benefit amount depends on three factors, refer to the following to know how much your GST credit is
- The number of children under the age of 19
- Adjusted family net income for the base year 2023
- And the marital status whether married or have a common law partner
If an applicant is single, the Extra GST credit is going to be $519. And if the applicant is married and claiming the amount on joint annual income, then the couple applicant will have $680. The benefit amount for eligible children is $179 each and up to four children get coverage from the GST credits. A couple married along with 4 children cannot have an AFNI of more than $72,244 while a single person does not exceed the $54,704 criteria. The AFNI is separate for individuals depending on their marital status and legal children. Visit the official CRA website to know the exact AFNI as per your circumstance.
When Extra Canada GST Payment Coming?
The CRA has not confirmed the Payment dates for Extra GST payments in 2024. Until the official sources do not make the announcement, the exact payment dates cannot be revealed. The regular Canada Extra GST Payment is coming on the following dates for the base year 2023
|
GST Credit Payment |
Payment Dates for 2024-25 |
|
1st GST Credit |
5th of July 2024 |
|
2nd |
5th of October 2024 |
|
3rd |
5th of January 2025 |
|
4th |
5th of April 2025 |
The benefit amount is going to remain the same from July 2024 to June 2025. The next Extra GST Payment Canada is coming on the 5th of October 2024. If there is any delay in your payment, make sure that you provide accurate bank details while filing taxes. To know more about the Canada Extra GST Payment 2024, visit the CRA website or reach out to the nearest office.
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Raul joined SD News team in 2021, bringing his experience as a editor-cum writer on global financial & trending topics. From a young age, Raul developed a keen interest in Finance, which propelled his to pursue an undergraduate degree in global and international studies. Raul skillfully combines his knowledge of political economy and finance to empower readers with crucial insights.
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