In Canada, we’re fortunate to have access to an array of shared services and benefits. One of these benefits is the GST/HST credit. In a nutshell, the GST/HST credit is provided to low to moderate income families to offset the cost of sales taxes. If you’re anticipating your credit, but don’t know when it’ll hit your bank account, read on further. We’ll cover everything you need to know about GST/HST payment dates below.
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What is the GST/HST credit?
The GST/HST credit is a benefit offered by the Government of Canada to low to moderate income families. The reason behind the benefit is to help those lower income families offset the cost of sales taxes in Canada.
GST stands for ‘goods sales tax’ and HST stands for ‘harmonized sales tax’. Depending on where you reside in Canada, you’ll be charged one or the other. For instance, Ontario has HST, but Alberta has GST. The rates and taxable supplies are governed at the provincial level. Most goods and services we purchase everyday are subject to sales taxes, which naturally increases the cost of living.
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How much is the GST/HST credit?
The GST/HST credit amount is based on your family’s net household income. However, single person households can also be eligible for the credit. The amount that determines eligibility for the GST/HST credit is on line 23600 of your tax return. If you’re a household, the amounts you and your spouse or common law partner reported on line 23600 sum together to determine eligiblity. The number of children under 19 you have living in your household also impacts the GST/HST credit amount.
For the July 2022 to June 2023 period, you could receive up to these maximum amounts:
- $467 as a single individual
- $612 if you’re married or have a common-law partner
- $161 for each child in your household under the age of 19
How much is the next GST/HST payment 2023?
The exact amount of your GST/HST payment depends on your unique circumstances. The maximums are above, but you may receive less depending on your annual household income. In July 2023, the GST/HST payment amounts will be updated, so stay tuned for more details from the Canadian government.
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How often is GST/HST paid?
The GST/HST credit is paid on a quarterly basis. The amounts you receive are based on the previous tax year. To be more specific, the current GST/HST period is July 2022 to June 2023. The amounts paid to eligible Canadians are based on the 2021 tax year. For the next period, July 2023 to June 2024, the amounts are based on your reported income from the 2022 tax year.
What are the four dates when the GST/HST credit is paid?
The four GST/HST payment dates include:
- January 5
- April 5
- July 5
- October 5
Keep an eye on your bank account around these dates for your GST/HST payments. If you don’t get it right on the 5th, wait a few days to see if it’s just a timing issue. If you don’t have your payment within 5 business days, it’s a good idea to contact the Canada Revenue Agency for more details.
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GST/HST Payment Dates: Eligibility and Application
In order to be eligible for credit for the GST/HST payment dates, you need to consider eligibility and application. To be eligible for the credit, you generally need to meet the following criteria:
- Be a Canadian resident
- Be 19 years of age
- Have (or had) a spouse or common-law partner
- Be a parent and live (or lived) with your child
- Earn low to moderate income
- File your annual tax returns
If you’re eligible, the good news is you don’t have to apply. The Canadian government automatically determines your eligibility based on your submitted tax return. If you submit your direct deposit information to the Canada Revenue Agency, you will likely receive your GST/HST payment the same way. Alternatively, you may receive a cheque in the mail. But remember, if you don’t file your annual tax returns, you won’t receive your payment. Be sure to file your return every tax season so you don’t miss a beat!
Making the Most of Government Benefits
Now that you know the GST/HST payment dates, you can make the most of government benefits. Keep an eye out for the payments on the quarterly dates to see if you’re eligible. If you believe you’re eligible, but haven’t received the payment, check if you’re up to date on your taxes. If not, then be sure to file them to receive your benefits. By filing your tax return, you may even become eligible for other benefits like the Climate Action Incentive or Old Age Security.
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