The Canada Revenue Agency administered by the Federal Government issues a tax-free GST credit every quarter. Due to inflation and everyday rising living expenses, the Canadian Government proposes the Canada Double GST Tax Credit 2024 in Canada. This significant benefit was first introduced in November 2022 and issued for the next six months. Every citizen pays Goods and Service Tax on most of the supplies that they purchase. For those earning a low-income to moderate income, this double GST credit is a great opportunity to offset the GST in 2024. The CRA is responsible for providing GST Credit funds to eligible taxpayers in Canada.
What is Canada Double GST Tax Credit?
The GST credit arrives every quarter of the year for low-income to moderate-income individuals and their families. The main purpose of this benefit is to ensure a taxpayer does not have to face financial trouble while paying GST. The credit works as a balancing of the taxes that a person pays while purchasing goods and supplies in Canada. During the fiscal year 2022-23, CRA initiated the Double GST Tax Credit in the country. Initially eligible beneficiaries received double the GST credit for Consecutive six months. The credit mainly compensated for the financial trouble caused by inflation.
According to recent media reports, it is expected that the CRA is all set to issue the second round of Double GST Credit in 2024. Under this venture, claimants can receive a lump-sum payment for the next six months. For that, a taxpayer needs to meet the department’s guidelines and not exceed the income limit. The eligible GST Credit Amount depends on the recipients marital status and number of children . If Some one is already GST credit beneficiary, then they can also receive double GST payment directly in bank account.
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Canada Double GST Tax Credit Quick Overview
|
Title |
Double GST Tax Credit |
|
Country |
Canada |
|
Department |
Canada Revenue Agency (CRA) |
|
Governed by |
The Federal Government of India |
|
Category |
Government aid |
|
Applicable for |
Low-income and moderate-income individuals and families |
|
Purpose |
To offset the GST |
|
Frequency of the credit |
Per quarter |
|
Year |
2024 |
|
Official website |
canada.ca |
Double GST Tax Credit Payment Amount
The Double GST Tax Credit claim amount depends on receivers family situation. The Credit Amount vary for individual applicant and for the other family members. The CRA makes GST credit for child under the age of 19 under Guardian care. Eligible beneficiaries must remember that the GST credit amount is double of the current credit payments. As of benefit year 2024-25 (July 2024 to June 2025), CRA issues the following payments as per your family situation:
- Single: $519
- Married or have a common-law partner: $680
- For each qualifying child under your care below 19 years of age: $179
Is Double GST Tax Credit Coming Again?
Currently, there is no official announcement for Double GST Tax Credit by CRA or the Federal Government. However, looking at the inflation and constant rise in the cost of living, citizens can expect the Double GST benefit to arrive again shortly. Taxpayers may be in touch with the officials for further clarification on double benefits. The department may soon announce the GST tax credit status through its official web portal.
How to Apply for Double GST Tax Credit?
- The application procedure depends on resident status of the applicant. The previous beneficiary residents need not to apply for the GST Tax Credit 2024 Again. Beneficiaries needs to file federal income tax returns for the previous year. The authorities issues the payment as per the eligibility status and schedule.
- The newcomers in Canada needs to apply for double GST credit to claim benefits. The applicants require to fill Form RC151 (GST/HST and CCR ). After filling out the form, applicants needs to mail to the tax center of Canada. Proof of the birth is required, if applying for Child GST Credit Benefits.
Double GST Tax Credit Canada Latest Updates
The Canada Double GST Tax Credit is only available for those who are already receiving GST/HST credit in 2024. The payment is usually provided on the fifth of July, October, January, and April except for weekends and bank holidays. However, when will this double GST Credit benefit arrive has not been confirmed by the authorities yet. For more details related to Double GST Tax Credit 2024 citizens may visit the official web portal of the CRA.
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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.