Ka-ching! Canadians getting GST credit payment tomorrow
Some Canadians will receive a GST credit payment from the federal government on Friday.
The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment.
According to the government, this credit aims to help families with low and modest incomes offset the taxes they pay.
If you’re eligible, you’ll see extra cash in your bank account on July 5.
Who’s eligible for the payment?
The government says you’re generally eligible for the payment if you’re at least 19 years old and a Canadian resident for income tax purposes a month before the Canada Revenue Agency (CRA) makes the payment and at the beginning of the month.
If you are under 19 years old, the government says you must meet at least one of the following conditions during the same period:
- You have (or had) a spouse or common-law partner
- You are (or were) a parent and live (or lived) with your child
According to the government, parents in a shared custody situation may be eligible for half of the credit for that child.
Additionally, if your income is equal to or exceeds the amounts below, you or your family won’t be eligible for the credit.
Government of Canada
How much will you get from the GST Credit?
According to the government, you could get up to:
- $496 if you are single
- $650 if you are married or have a common-law partner
- $171 for each child under the age of 19
You don’t need to apply for the credit because you’re automatically considered for it when you file your taxes.
In 2022, Ottawa doubled the GST credit for six months during the height of inflation.
There are other ways you might get more money from the government this summer. From the Canada Child Benefit to the Canada Carbon Rebate, check out the full list here.
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