In 2024, the Canada Revenue Agency (CRA) will provide additional Goods and Services Tax (GST) payments to help low and moderate-income Canadians. These payments are tax-free and aim to support those with limited financial means.
What is the Extra GST Payment?
The Extra GST Payment is special financial aid for eligible Canadian individuals and families. It helps cover rising living costs due to inflation. The amount you receive depends on your net income and family size.
Payment Amounts
- Single Individuals: $496
- Married/Common-Law Couples: $650
- Children (under 18): $171 per child
Income Threshold
If your annual net income exceeds $35,000, the extra payment amount decreases by 2% for each additional dollar of income. Payments vary by province due to different GST rates.
Key Dates
The specific payment dates will be announced by the CRA.
Eligibility
To be eligible for the Extra GST Payment, you must:
- File your income tax return with the CRA.
- Have a net income and family size within the federal income threshold.
Purpose
The Extra GST Payment is designed to ease the financial burden on low-income households by helping them manage the costs associated with the GST on goods and services.
Additional Details
- Grocery Rebate Supplement: This payment also acts as a grocery rebate to assist with the rising cost of groceries due to inflation.
- Federal GST Increase: The federal GST has been increased by 9%, effective January 2024, impacting the cost of goods and services.
- Tax Exemption: The extra payment is tax-free and does not need to be repaid.
How to Apply
File your income tax return to be automatically considered for this extra payment.