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OTTAWA — The first of 4 funds from the GST/HST credit is ready to hit Canadians’ financial institution accounts on July 5.
The non-taxable credit, which is paid in 4 components, is for people and households with low and modest incomes to assist offset gross sales taxes they pay.
The Canada Revenue Agency (CRA) says single Canadians might rise up to $519 over the course of the 4 funds, whereas those that are married or have a common-law accomplice might rise up to $680.
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For every youngster below 19 years of age, there’s as much as $179 in further credit.
The CRA says this 12 months’s spherical of funds, calculated utilizing 2023 tax returns, will arrive on July 5 and Oct. 4, 2024 and on Jan. 3 and April 4, 2025.
However, Canadians whose complete credit is lower than $50 per quarter will get the entire sum this week.
In order to be eligible for the credit, you have to be a Canadian resident for earnings tax functions on the finish of the month earlier than and at first of the month through which the payment will likely be made, the CRA says.
You should have filed your 2023 tax return to get the credit, even should you didn’t make any earnings final 12 months.
You have to be a minimum of 19 years outdated within the month earlier than the CRA makes a quarterly payment, with some exceptions.
The CRA says different profit funds are additionally coming in July, such because the carbon rebate on July 15 and the kid profit on July 19.
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The CRA has a web based youngster and household advantages calculator that may make it easier to discover out which advantages you could possibly obtain and the way a lot chances are you’ll be eligible for.
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