Latest GST/HST credit payments to roll out. How much could Canadians get?
Global News
The first benefits of the new year will go out Friday, with eligible Canadians receiving goods and services tax or harmonized sales tax credits from the federal government.
The first benefits of the new year will go out Friday, with eligible Canadians receiving goods and services tax (GST) or harmonized sales tax (HST) credits from the federal government.
It’s the third quarterly payment of the 2023 base year that will roll out to Canadians with low and modest incomes.
These tax-free quarterly payments are meant to help individuals and families offset the GST or HST that they pay on a range of products and services.
The GST/HST credit amounts may also include payments from the provincial and territorial programs.
The payments come amid a two-month “tax holiday” announced by the federal government during which Canadians don’t have to pay GST/HST on dozens of items.
The GST/HST credit payments are calculated based on your marital status, the adjusted family net income and the number of children under the age of 19 years who have been registered for the Canada Child Benefit as well as the GST/HST credit, according to the Canada Revenue Agency.
Single Canadians who don’t have children could get up to $519 in GST/HST credit in total for the full year between July 2024 and June 2025.
The January payment will be roughly a quarter of the yearly entitlement a person is due based on their 2023 tax return.
