October is almost here, and that means a new wave of federal benefit payments Canadians can receive this month, including payments from the GST/HST Credit.
With the cost of living continuing to rise, it's no wonder that many Canadians are searching for ways to stretch their budgets, especially in lower-income households. Savvy Canadians can stay informed about the financial assistance they might be eligible for, as payments from government benefits and tax credits like the GST/HST Credit can offer hundreds of dollars on a regular basis.
This tax-free quarterly payment is designed to help lower and modest-income individuals and families offset some of the goods and services taxes (GST) or harmonized sales taxes (HST) they've paid. For those who qualify, it could mean hundreds of dollars in additional support just in time for fall.
Here's everything you need to know about the upcoming GST/HST Credit October payment, including how much you could get and when to expect it.
What is the GST/HST Credit?
The GST/HST Credit is a tax-free payment that comes every three months. It's designed to help individuals and families with lower incomes get back some of the GST or HST they've paid throughout the year. The credit payment can also include extra payments from certain provincial and territorial programs, depending on where you live.
Who is eligible for the GST/HST Credit?
You're generally eligible for the GST/HST Credit if you're a Canadian resident for tax purposes and aren't exempt from paying taxes (like diplomats or their family members). You also need to be at least 19 years old by the month before the CRA makes a payment. If you're under 19, you can still qualify if you have (or had) a spouse or common-law partner, or if you're a parent living (or having lived) with your child.
Your payments also depend on your family situation and income — if your income is below a certain threshold, you could be eligible to receive this credit.
More about GST/HST Credit eligibility
How to apply for the GST/HST Credit
Good news — you usually don't have to apply at all! Just make sure to file your taxes every year, even if you don't have any income to report, and the CRA will automatically check if you qualify.
If you're a newcomer to Canada, though, you'll need to take a few extra steps. To apply, fill out Form RC151 (this helps you get the GST/HST Credit and Canada Carbon Rebate). You'll also need to provide proof of birth if you're applying for any children under your care. Once you've completed the form, mail it to your tax centre, and you're all set!
More about applying for the GST/HST Credit
How much is the GST/HST Credit?
The amount you'll get from the GST/HST Credit depends on your family's income and situation. Here's a quick breakdown of how much you could get each quarter:
- If you're single, you could get up to $129.75.
- If you're married or have a common-law partner, you could receive up to $170.
- You'll also get $44.75 for each child you have, plus single parents get an additional $85.
If your income is above a certain level, you might not be eligible. For example, single people with an income over $54,704 per year won't receive the credit, and couples with two kids stop getting it if their family income is over $65,084. The highest income threshold is $72,244 for singles or couples with four or more children.
More about GST/HST Credit payment amounts
Is the GST/HST Credit taxable?
No, the GST/HST Credit is not taxable. It's a tax-free payment that's actually intended to reimburse you for taxes you've paid, so you don't have to include it as income on your tax return.
When are the GST/HST Credit payment dates?
The next GST/HST Credit payment date is October 4, 2024. This is the final payment for 2024, and the next payment should arrive in January 2025.
More about federal benefit payment dates
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GST/HST Credit payments for October go out soon — Here's how much you can get
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