First GST/HST Credit Payment Expected to Arrive on July 5th Following 2023 Tax Returns

The initial installment of the GST/HST credit will be deposited into Canadians’ bank accounts on July 5.

This credit, which is tax-free and distributed in four parts, is aimed at individuals and families with lower incomes to help offset their sales tax expenses.

According to the Canada Revenue Agency, single individuals may receive up to $519 over the four payments, while those who are married or in a common-law relationship could receive up to $680.

Additionally, there is an additional credit of up to $179 for each child under the age of 19.

The CRA states that this year’s set of payments, based on 2023 tax returns, will be disbursed on July 5, October 4, 2024, January 3, and April 4, 2025.

Individuals whose total credit is under $50 per quarter will receive the entire sum this week.

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To qualify for the credit, you must be a Canadian resident for income tax purposes at the end of the month before and the beginning of the month in which the payment will be issued, as per the CRA.

You need to have filed your 2023 tax return to receive the credit, even if you had no income in the previous year.

Individuals must be at least 19 years old in the month preceding the CRA’s quarterly payment, with certain exceptions.

The CRA mentions that other benefit payments will also be made in July, such as the carbon rebate on July 15 and the child benefit on July 19.

The CRA offers an online child and family benefits calculator that can assist in determining eligible benefits and potential amounts.