The Goods and Services Tax (GST) credit is a tax-free payment that helps individuals and families with low and moderate incomes offset the cost of the GST. In July 2024, eligible individuals and families will receive an extra GST payment. This payment is designed to provide additional support to those who need it most. In this blog post, we will explore the deposit schedule and amount of this extra payment, as well as provide detailed information on eligibility and how to check your payment amount.
Deposit Schedule
The extra GST payment will be deposited into eligible individuals’ and families’ bank accounts on July 5, 2024. If July 5th falls on a weekend or holiday, the payment will be made on the next business day. This means that you can expect to receive your payment on July 5th, unless it falls on a weekend or holiday, in which case it will be made on the next business day.
Payment Amount
The amount of the extra GST payment varies based on individual circumstances. The maximum amount for the July 2024 payment is $295. However, the actual amount you receive may be lower, depending on your income and other factors. For example, if you have a child under the age of 19 or are a student, you may be eligible for a higher payment amount.
Eligibility
To be eligible for the extra GST payment, you must be a Canadian resident, have a low or moderate income, and file a tax return. Additionally, you must meet certain eligibility requirements, such as having a child under the age of 19 or being a student. You can check your eligibility by using the CRA’s GST credit calculator or by consulting with a tax professional.
How to Check Your Payment Amount
You can check your payment amount by logging into your CRA account or by using the CRA’s GST credit calculator. This will give you an estimate of your payment amount based on your individual circumstances. You can also contact the CRA directly to ask about your payment amount.
FAQs
What to Do If You Have Questions or Concerns
How to Apply for the Extra GST Payment
What to Expect from the Extra GST Payment
How the Extra GST Payment Will Be Made
In conclusion, the extra GST payment in July 2024 will provide a welcome boost to individuals and families with low and moderate incomes. Be sure to check your deposit schedule and payment amount to ensure you receive the correct amount. Additionally, take the time to review your eligibility and payment amount to ensure you are receiving the maximum amount you are eligible for.
