Goods and Services Tax (GST)/Harmonized Sales Tax (HST) credit provision, as it stands now, is a scheme owned by the Canada Revenue Agency (CRA) to relieve certain Canadians from financial distress. The program is set to help augment vital support in terms of a quarterly, non-taxable payment which offsets annual costs incurred in terms of GST and HST, especially to low-to-middle-income earners and households. The date for direct deposit measure on GST/HST refunds is something many Canadians want to know about as January 2025 will be here before they know it.
What Is GST/HST Credit?
A federal program that is supposed to relieve the sales tax burden of eligible Canadians. Non-repayable payments are made four times in a year, with the amount determined by the income of the household, the size of family, and marital status. Inflation beyond the costs that have to be covered for those benefiting this benefit year, 2024-2025, is to adjust in the last part.
Who Is Eligible?
To be eligible for the GST/HST credit, you must fulfill the following qualifications:
Residency – Be a resident of Canada for the purposes of income tax.
Age – Be 19 years or older or married, living common-law, or a parent if under 19.
Income – Have a household income under the threshold set by the CRA for your family size.
Additional payments may be made available under related programs such as the Canada Child Benefit (CCB) and Disability Tax Credit to families with children or individuals with disabilities.
How Much Will You Receive?
For the period of coverage of the GST/HST credit for the 2024-2025 benefit year, the following tables provide amounts:
-up to $496 for an individual without children;
-up to $650 for married or common-law couples;
-and $171 for each child under the age of 19.
The actual amount you receive depends upon your net income and return information for the previous year.
January 2025 Payment Date
The very first GST/HST credit payment for the year 2025 will fall due for payment on January 5, 2025. Hence, it is the first in the series of quarterly payments to be made during this year, which will further continue in April, July, and October. Payments will either be sent via cheque or directly deposited into a bank account as indicated by the receipts made during the chosen payment of the CRA.
How To Ensure You Receive Your Payment
Filing Your Taxes: Even if it means you won’t report any income, you will need to file a 2023 return for determining whether you are eligible for a rebate or how much it will be.
Change Information: Any changes to marital status, address, or banking information need to be conveyed to the CRA in order to prevent payment delays.
Sign Up for Direct Deposit: You can guarantee that your money will not have an opportunity to be delayed in the mail when you have direct deposit as it puts your payment into your bank account immediately.
Check Your CRA Account: Check your My Account at the CRA for information with which you can verify payment amounts, track those payments, and update information.
Why This Payment Matters
For many Canadians, the GST/HST credit serves as an extra dose of cash when the household budgets are stretched the most, post-holiday. The payment for January 2025 specifically supports basic needs – food, utilities, transport.
Frequently Asked Questions
1. I Am New To Canada. Can I Get The GST/HST Credit?
Newcomers can apply for the credit as long as they meet the residency and income requirements
2. What If I Missed The Filing Date For Taxes?
Your payments might be delayed or put on hold until you file your tax return.
3. How Do I Verify My Eligibility?
Check your Notice of Assessment or call the CRA to clarify.