2024 brings some much-needed financial relief for Canadians with the Extra GST payment. It’s not just another boring tax credit this is real money that can help you manage rising expenses, whether it’s for groceries, gas, or just catching up with bills. The Canadian government has been stepping up to support people, and this extra payment is one way to put a bit more cash into your pocket. Here’s everything you need to know about when it’s coming and how to make sure you don’t miss out.
What’s This Extra GST Payment All About?
First, let’s break it down. The Goods and Services Tax (GST) is something we all pay, but if you’re lower-income, you get some of that tax back through the GST/HST credit, which normally comes four times a year. Now, for 2024, you get an extra bump, no strings attached! This isn’t just the usual quarterly payment; this is an additional bonus on top of that to help ease the financial pressure.
Think of it as a little gift from the government to help offset the higher cost of living, kind of like a cushion to fall back on when prices just seem to keep climbing.
When Will I Get This Extra GST Payment?
Let’s talk dates because everyone wants to know when the money’s coming in. The Extra GST payment will be bundled with one of the regular quarterly payments. Here’s the official 2024 schedule:
| Quarter | Payment Date |
|---|---|
| Q1 | January 5, 2024 |
| Q2 | April 5, 2024 |
| Q3 | July 5, 2024 |
| Q4 | October 4, 2024 |
So, the extra payment will likely drop in July or October, alongside the regular GST credit. You can check your CRA My Account for exact details closer to the date.
Who Can Get This Extra GST Cash?
To get your hands on this extra cash, you’ve got to meet some basic requirements. The eligibility is the same as the regular GST/HST credit, so if you’re already receiving that, you’re golden! Here’s a quick rundown:
| Requirement | Details |
|---|---|
| Residency | You must be a Canadian resident for tax purposes. |
| Income Threshold | For 2024, singles earning under $49,166 and couples with income under $52,066 are eligible for the full amount |
| Age Requirement | Must be at least 19 years old or have a spouse/child. |
| Filed Your Taxes | You must have filed your 2023 taxes – even if you don’t owe anything! That’s how the CRA calculates your eligibility |
How Much Will You Get?
Here’s the best part – the amount you get depends on your situation. While final numbers can vary, here’s a rough guide to what you might expect in extra GST payments:
| Family Situation | Extra Payment Amount |
|---|---|
| Single individuals | Up to $234 |
| Married or common-law couples | Up to $612 |
| For each child under 19 | An additional $153 per childTCFFCA Magazine |
These amounts are based on the income you reported in your 2023 tax return. So, if your financial situation has changed, make sure everything’s updated with CRA.
How Do I Get Paid?
Now, here’s how you’ll get that sweet extra GST money:
| Payment Method | How You’ll Receive It |
|---|---|
| Direct Deposit | If you’re set up for direct deposit with the CRA, the extra GST payment will land directly in your bank account. |
| Cheque | If you usually get a cheque in the mail, this will be no different – expect your payment by post. |
How to Check Your Eligibility and Payment Status
To make sure you’re eligible and to confirm your payment, you can:
- Log into CRA My Account: This is the quickest way to see your payment status. You can also use this portal to update your direct deposit information, ensuring you receive your payment on time.
- Call the CRA: If you prefer, you can speak directly to a CRA representative who can check your eligibility and give you more details about when you’ll be paid
What Should You Do Now?
Here’s how to make sure you get every dollar you’re entitled to:
- File Your Taxes: Ensure your 2023 tax return is filed on time. This is the most important step to secure your GST credit.
- Keep Your CRA Account Updated: If your direct deposit or mailing address has changed, update it through CRA’s My Account.
- Watch the Dates: Keep an eye on the payment dates, especially in July and October when the extra GST payment is expected to be issued.
Extra Tips: How to Use This Extra GST Payment
Let’s face it the cost of living is no joke, and any extra bit of financial help can go a long way. The extra GST payment in 2024 is designed to do just that. It’s not just about government support; it’s about giving yourself a little help in a tough economic climate. It’s easy to receive, as long as you meet the eligibility criteria and have filed your taxes. Make sure your taxes are up to date, and your CRA account is in check