The Canada Revenue Agency (CRA), in its commitment to supporting its citizens, has announced the disbursement of the Canada GST/HST Credit for July 2024. This payment, however, comes with a notable change—an increase in the amount previously given.
The updated Canada Extra GST Payment for July 2024 has been deposited into the accounts of eligible citizens. For those who have not yet received their payments, the transaction may take up to 10 business days to reflect in their accounts. The date of deposit was 5th July 2024.
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Canada Extra GST Payment July 2024
The CRA is steadfast in assisting economically disadvantaged individuals, particularly those living below the poverty line. These individuals often struggle due to inflation and a lack of income and resources.
To alleviate their financial burden, the CRA has introduced a tax rebate under the Goods and Services Tax and the Harmonized Sales Tax for citizens who have dutifully paid their taxes on time. This tax reduction specifically targets low-income individuals and families, aiming to lessen their financial strain.
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Eligibility and Payment Details
The payment will be automatically sent to individuals belonging to the low-income groups who meet the qualifying conditions. The assistance is deposited directly into the recipients’ accounts and is based on the individual’s category. Unmarried individuals have been given $519, whereas couples have been granted $680. Children under 19 years old can now get $179.
- The payment will be credited if you are residing in Canada.
- The income for the beneficiary should be less than the threshold limits.
- The recipient should be 19 years or older.
- Parents sharing custody of a child will receive equal amounts.
- For children under 19 years of age, their payment will be given to their parents.
Increased Amounts and Payment Schedule
The Canada Extra GST Payment Amount for 2024, which is influenced by the beneficiaries’ marital status, is disbursed every quarter. The payment amount has been increased for the period from July 2024 to July 2025, and the first increased payment was transferred on July 5th, 2024. The beneficiary’s net income and marital status are the determining factors for the GST/HST payment.
New Amount Of GST/HST Credit 2024
Particulars |
Before July 2024 |
From July 2024 to June 2025 |
|---|---|---|
Single |
$496 |
$519 |
Married |
$650 |
$680 |
Child under 19 years |
$171 |
$179 |
Check Deposit Schedule
Particulars |
Canada Extra GST Payment Date July 2024 |
|---|---|
1st payment |
5 July 2024 |
2nd payment |
4 October 2024 |
3rd payment |
3 January 2025 |
4th payment |
4 April 2025 |
How Is GST/HST Credit Calculated?
The base year is used as a reference for calculating the payment amount. The payment period spans 12 months, starting from July of any year and ending in June of the following year. The payment amount is influenced by marital status, number of children, and the family’s income.
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