In 2024, the Canada Revenue Agency (CRA) is offering additional financial support through a new Goods and Services Tax (GST) payment. This extra help is aimed at assisting Canadian individuals and families,
especially those with lower incomes, to manage their living costs better. In this article, we’ll break down what this extra GST payment is, how much you can expect to receive, the payment schedule, and who qualifies for this aid.
What Is the Extra GST Payment?
The Extra GST Payment for 2024 is designed to provide additional financial relief to help ease the financial burden on low-income Canadians.
This payment is an extension of the GST rebate, which is a tax benefit to assist with living costs. The CRA will provide this extra payment to people who have filed their income tax returns.
How Much Will You Receive?
The amount you receive from the extra GST payment depends on your income and family situation:
- Single Individuals: $496
- Married or Common-Law Couples: $650
- For Each Child Under 18 Years Old: $171
If your adjusted net income is over $35,000, the base amount will be reduced. For every additional dollar of income beyond this threshold, the payment decreases by 2%.
This means that higher incomes will result in smaller payments. The amount can also vary depending on which province you live in.
Why Is There an Extra GST Payment?
The Extra GST Payment is part of a grocery rebate aimed at helping Canadians cope with the rising cost of living and inflation. Since the GST tax increased by 9% in January 2024,
this additional payment is meant to offset some of the extra costs you may face. Importantly, this rebate is not subject to other taxes.
Eligibility Requirements
To be eligible for the Extra GST Payment, you need to meet certain income thresholds based on your family size and income. The adjusted family net income is calculated by
subtracting child care benefits and disability savings plan income from your total income. You must also be registered under the Canadian Act to receive this payment.
How to Apply
To receive the Extra GST Payment, you need to file your GST returns. Make sure your income tax returns are up to date and that you meet all eligibility requirements. Keep an eye on updates from the CRA to stay informed about payment dates and any changes in eligibility criteria.
The Extra GST Payment for 2024 is a valuable support measure designed to assist low-income Canadians in managing their expenses amidst rising living costs. By understanding how much you can receive,
checking your eligibility, and filing your tax returns, you can take full advantage of this important financial aid. Stay updated with the CRA for the latest information on this assistance.
1. What is the Extra GST Payment?
The Extra GST Payment is additional financial support from the CRA to help low-income Canadians cope with rising living costs.
2. How much can I receive from the Extra GST Payment?
Amounts vary: $496 for singles, $650 for couples, and $171 for each child under 18. Payments decrease if your income is over $35,000.
3. Who qualifies for the Extra GST Payment?
Eligibility depends on your income and family size. You need to meet specific income thresholds and file your GST returns.
4. Why did the GST increase?
The GST tax increased by 9% in January 2024, which led to the introduction of the Extra GST Payment to help offset the higher costs.
5. How do I apply for the Extra GST Payment?
To apply, you need to file your GST returns and ensure you meet the eligibility criteria set by the CRA.
