tax credit

Some Canadians can expect to receive an increase in GST credit payments from the federal government soon. The Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit is a tax-free quarterly payment, but this time it will include a 2.7 per cent increase. According to the government, the credit payment aims to help families with low and modest incomes offset the taxes they pay. If you’re eligible, you’ll see the new amount in your bank account on Friday, July 4. Who’s eligible for the payment? The government says you’re generally eligible for the payment if you’re at least 19 years old and a Canadian resident for income tax purposes a month before the Canada Revenue Agency (CRA) makes the payment and at the beginning of the month. If you are under 19 years old, the government says you must meet at least one of the following conditions during the same period: You have (or had) a spouse or common-law partner You are (or were) a parent and live (or lived) with your child Parents in a shared custody situation may be eligible for half of the credit for that child, according to the government. Your eligibility depends on your family’s net income. How much will you get from the GST Credit? Based on the 2.7 per cent increase, you could get up to: $533 if you are single $698 if you are married or have a common-law partner $183 for each child under the age of 19 In most cases, you don’t need to apply for the credit because you’re automatically considered for it when you file your taxes. In 2022, Ottawa doubled the GST credit for six months during the height of inflation. There are other ways you might get more money from the government this month. From the Canada Child Benefit to the Canada Pension Plan, check out the full list here. After the July 4 payments, the next and final payment for the year is on October 3.