Canada Extra GST Payment 2024- When is GST Credit Coming in July? Know Fact Check

On the 5th of July 2024, all the Canadian residents will be getting a Goods and Service Tax credits for the income supplement provided by the Canada Revenue Agency. The implementation and execution will be planned by the CRA while the funding will be looked after by the federal government of Canada. If you are an eligible tax payer and filing regular income tax returns for the previous year, the benefits will be accessible to you. If you do not want of miss out the quarterly payments coming in July 2024, you can check out the post to know all the latest details about the Canada Extra GST Credit payments in this month.

Canada Extra GST Payment 2024

This is a payment made by the CRA as an income offset for the taxes that the individual residents of the country have paid in the previous years. If you have paid excess taxes, it is to compensate to the excess and supplement the monthly income for the family. So that you can afford a healthy life style in times of rising cost of living and unstable inflation rates. If you have legal dependents such as your children and parents along with the relatives whom you have claimed as your legal dependent in the tax files, these benefits will get increased on the basis of legal dependents. The higher the legal dependents are, the bigger the extra GST credit payment will be.

On the 5th of this month, you are possibly going to get this GST payment. But due to wildfires in some of the provinces such as Alberta, North West Territories, British Columbia and Manitoba, the credit amount might be affected. So before taking any action if you are staying in one of the provinces, you must wait for at least 10 working days so that the bank can operate on your balance and provide you the necessary details if your payments are delayed in case. For getting the credits directly in to your bank account, you can get yourself registered on the My Account at the CRA’s official website so that the credits can be delivered into the linked bank account.

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Canada Extra GST Payment 2024 Quick Details 

Title GST/HST Credits Details
Concerned Agency The CRA
Origin Country Canada
Category Federal Financial Assistance
Accessible to Tax Paying Families
Payment Dates 5th of July 2024
Official Website

Canada Extra GST Payment 2024- When is GST Credit Coming in July? Know Fact Check

What is Canada Extra GST Credits?

  • This is an offset payment means at the place of the taxes, you will get the return from the CRA to make compensation. Generally the number of dependents will decide the benefits amount for the prospective beneficiaries.
  • If you have filed the previous year taxes as an individual and also making claims for the benefits as an individual, then the agency will transfer your payments only for you. And the credits for an individual person are $519 for the financial year 2024 to 2025.
  • If you are filing for the benefits as a couple and also have filed the previous year income tax returns as a couple, then now you can have access to the joint benefit amounts which are equal to $680.
  • In case you and your common law partner are entitled to get the benefits as an couple and but filed the taxes separately, then one of you who have filed for the taxes earlier will be getting the benefits first for both of you and the legal dependents of both of you.
  • The number of children will determine eventually how much you could receive as there is a credit amount of $179 for each child who is under the age of 19.

Are You Eligible for the GST Credits in July 2024?

In order to get the benefits, you have to meet below mentioned eligibility criteria so that you can get immediate payments.

  • You have at least reached the age of 19 and have stayed there for a significant number of years
  • You are legal resident of country and have supporting documents for the same
  • The prospective beneficiary have a social insurance number for the credits

If case you are under the age of 19 you must be one of the following to make sure the benefits are available for you.

  • You have or had a common law partner and stayed with them a while
  • Or you are or were a parent of child and have or had stayed with them for half of the year

The benefits for the children will be given to the parent who has the custody in case of separation of the couple. If the custody of the child is equally divided, then the credit amounts will be distributed accordingly.

Fact Check for Canada Extra GST Credit 2024

  • This payment is officially confirmed by the CRA and surely coming on the 5th of July 2024.
  • The agency has announced this so there will be no delay in the payments as of now. But the wildfire in some of the Canadian provinces might affect the payments slightly.
  • You do not need to apply for GST credits as the agency will automatically enroll you for the same and make direct deposit in the linked bank account.
  • For more updates regarding the upcoming Canada Extra GST credit payments, you can check out the official website of the CRA.
  • Stay tune for more updates so that you do not miss out on the opportunity.
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