Hey Hustlers! Exciting news: the CRA has released the increased GST/HST credit today, disbursing a higher amount to eligible Canadians. If you’ve been waiting for this boost, read on to get all the details you need!
KEY TAKEAWAY BOX
- Release Date: July 5, 2023
- Maximum Amounts for 2024-2025: Up to $519 for singles, $680 for married/common-law couples, and $179 per child under 19.
- Eligibility: Based on 2022 tax returns.
- How to Apply: Automatically assessed upon filing taxes, special forms for newcomers.
Overview of the GST/HST Credit
The GST/HST credit is a tax-free quarterly payment aimed at helping low and modest-income individuals and families offset the GST or HST they pay. This year’s credit has seen an increase, with singles receiving up to $519, married or common-law partners up to $680, and $179 for each child under 19.
Payment Dates for 2023 Tax Year
Payments are made quarterly, with the next dates being:
- July 5, 2023
- October 5, 2023
- January 5, 2024
- April 5, 2024
Eligibility Criteria for the GST/HST Credit
To be eligible, you must:
- Be a Canadian resident for tax purposes.
- Be at least 19 years old.
- Have filed your 2022 tax return.
- Meet the income thresholds based on your family net income.
Special Considerations for Newcomers to Canada
Newcomers must complete and submit Form RC151 to receive their GST/HST credit. This form helps CRA determine eligibility based on the new resident’s income and family situation.
How to Apply for the GST/HST Credit
No separate application is needed if you’ve filed your tax return. Newcomers should submit Form RC151, while those with children must update their status using Form RC66 for the Canada Child Benefit, which also includes GST/HST credit assessment.
Calculating Your GST/HST Credit
The credit is calculated based on your adjusted family net income from the previous tax year. For detailed estimates, you can use the Child and Family Benefits Calculator on the CRA website.
Utilizing Your GST/HST Credit
This credit can significantly help with daily expenses. Make sure your personal information with CRA is up-to-date to avoid any disruptions or incorrect payments.
Internal Link: For more details, visit HustleHub.
FAQs
What is the GST/HST credit?
The GST/HST credit is a tax-free quarterly payment to help offset the GST or HST paid by low and modest-income individuals and families.
Who is eligible for the GST/HST credit?Â
Canadian residents who are at least 19 years old and have filed their tax returns are eligible, subject to income thresholds.
How do I apply for the GST/HST credit?
File your tax return. Newcomers should submit Form RC151, while parents should update their status using Form RC66.
What are the payment dates for the GST/HST credit?Â
Payments are made quarterly on the 5th of July, October, January, and April.
How is the GST/HST credit calculated?Â
The credit is based on your adjusted family net income from the previous tax year.
What should I do if I haven’t received my payment?Â
Contact the CRA if you haven’t received your payment within 10 business days following the scheduled payment date.
Can newcomers to Canada receive the GST/HST credit?Â
Yes, newcomers must complete Form RC151 to determine eligibility.
Official Resources
Make the most of your GST/HST credit, Hustlers, and keep those finances in check!