The Extra GST Payment 2024 is a financial aid program from the Canada Revenue Agency (CRA) aimed at helping low and moderate-income Canadians. This guide will explain what the Extra GST Payment is, how much you can expect to get, when you’ll receive it, and who is eligible. Keep reading to find out all the important details about this financial support.
What is the Extra GST Payment?
The Extra GST Payment is extra money given by the CRA to help Canadians with the costs of living, especially the Goods and Services Tax (GST) they pay on products and services. This payment is sometimes called a grocery rebate supplement. It’s a tax-free benefit that helps with expenses like income tax and property tax.
Payment Amounts
The amount you get from the Extra GST Payment depends on your family’s income and the number of children you have. Here’s a quick look at how much you can receive:
- Single Individuals: $496
- Married or Common-Law Partners: $650 per couple
- Each Child Under 18: $171
Your payment amount will decrease if your income is over $35,000. The more you earn, the less you will get. The payment also varies depending on which province you live in.
Payment Dates
The Extra GST Payment is given out four times a year: in April, July, October, and January. Payments are usually made on the 15th of these months. If the 15th is on a weekend or a holiday, you’ll get your payment on the last business day before the 15th.
Eligibility Criteria
To qualify for the Extra GST Payment, you need to meet these conditions:
- Residency: You must be a Canadian resident for income tax purposes when the CRA makes the payment.
- Age: You must be 19 or older. If you’re younger, you must be married, have a common-law partner, or be a parent living with your child.
- Income: Your adjusted family net income must be within the federal income threshold, considering your income, family size, child care benefits, and disability savings plan income.
Make sure to file your income tax return with the CRA to be eligible. Those who qualify under the Canadian Act will receive this financial aid based on the criteria.
The Extra GST Payment 2024 is an important program designed to help low and moderate-income Canadians manage their expenses amid rising living costs and inflation. By understanding the eligibility
requirements, payment amounts, and dates, you can ensure you receive the support you’re entitled to. Remember to file your tax return on time and accurately to benefit from this crucial aid.
What is the Extra GST Payment?
The Extra GST Payment is financial help from the CRA to assist with the Goods and Services Tax (GST) and other expenses.
How much can I get from the Extra GST Payment 2024?
Single individuals can receive $496, couples $650, and $171 for each child under 18. The amount decreases with higher incomes.
When will I receive the Extra GST Payment?
Payments are made in April, July, October, and January, usually on the 15th of each month.
Who is eligible for the Extra GST Payment?
To qualify, you must be a Canadian resident, 19 or older, and meet the income criteria set by the CRA.
What should I do to get the Extra GST Payment?
Ensure you file your income tax return with the CRA to be considered for the payment.