Go Get Your GST/HST Credit: Everything You Need to Know

Managing finances can be a challenge for many individuals and families, especially those with low or moderate incomes. The Goods and Services Tax (GST) and Harmonized Sales Tax (HST) add extra costs to everyday expenses, making it difficult to manage household budgets. Fortunately, the GST/HST Credit is here to help alleviate this burden. This tax-free quarterly payment is designed to help offset the costs of GST/HST, ensuring that Canadians with lower incomes get the financial support they need. In this guide, we will walk you through everything you need to know about the GST/HST Credit and how Go Get can help you take advantage of it.

What Is the GST/HST Credit?

The GST/HST Credit is a government program aimed at providing financial relief to low- and moderate-income families and individuals. Its purpose is to help offset the costs of GST (Goods and Services Tax) and HST (Harmonized Sales Tax), which are applied to most goods and services in Canada. The credit is designed to assist those who are financially vulnerable and can benefit from a bit of extra support to cover these additional taxes.

This is a tax-free credit, meaning you receive the full amount without deductions. The amount you are eligible to receive depends on several factors, including your income, family size, and marital status. Payments are made automatically to eligible individuals based on the information provided in your annual income tax return.

Key Features of the GST/HST Credit

The GST/HST Credit has several important features that make it an attractive benefit for eligible Canadians:

1. Tax-Free Payments

One of the standout features of the GST/HST Credit is that it is tax-free. This means that the amount you receive is not taxable and you get to keep the full payment, unlike other types of benefits that may require tax deductions.

2. Income-Based Eligibility

Eligibility for the credit depends on your net income and family size. The lower your income, the higher the payment you could receive. As your income increases, the amount of the credit may decrease, with higher-income individuals or families receiving less or being ineligible altogether.

3. Automatic Application

The GST/HST Credit does not require a separate application. As long as you file your income tax return, the Canada Revenue Agency (CRA) will automatically assess your eligibility and determine your payment amount.

4. Quarterly Payments

Payments for the GST/HST Credit are made quarterly in the months of July, October, January, and April. This provides a consistent source of income to help you manage your finances throughout the year.

5. Additional Support for Families

The program provides extra payments for families with dependents. If you have a spouse or common-law partner, and/or children under the age of 19, you can receive additional amounts to help support your household’s financial needs.

Eligibility Criteria for the GST/HST Credit

To qualify for the GST/HST Credit, you must meet the following criteria:

1. Be a Canadian Resident

You need to be a resident of Canada for income tax purposes to be eligible for the credit. If you live in Canada but are not a permanent resident, or if you are residing outside of Canada for most of the year, you may not qualify.

2. File Your Income Tax Return

Even if you have no income to report, it is crucial to file your income tax return. Filing ensures that your eligibility for the GST/HST Credit is assessed, and the CRA has the most accurate information about your financial situation.

3. Meet Income Requirements

Eligibility is based on your adjusted family net income, which considers your household’s total income after certain deductions. Each year, the CRA sets eligibility thresholds, which change depending on your marital status and family size.

4. Have a Valid SIN

To qualify for the GST/HST Credit, you must have a valid Social Insurance Number (SIN). This is necessary to process your credit and ensure that the payment is linked to the correct individual.

How Much Can You Receive?

The amount you can receive from the GST/HST Credit varies based on several factors, including your income, marital status, and the number of dependents in your household. Here’s a breakdown of the maximum amounts for the 2024 year:

• Individual: Up to $467
• Spouse or Common-Law Partner: An additional $467
• Each Dependent Child: An additional $123 per child

For example, a family of four (two parents and two children) could receive up to $1,180 annually, paid in quarterly installments.

The amount may be less for higher-income households, and it will also vary if your income or family situation changes. The CRA will automatically reassess your eligibility each year when you file your taxes, ensuring that you receive the appropriate amount.

How Payments Are Made

The GST/HST Credit payments are issued quarterly in the following months:

• July
• October
• January
• April

You can choose to receive the payments via direct deposit to your bank account, which is the fastest method, or by cheque if you prefer. To ensure there are no delays in receiving your payments, make sure your banking information is updated with the CRA.

Why Is the GST/HST Credit Important?

The GST/HST Credit plays an important role in supporting low- and moderate-income Canadians by helping to offset the financial burden of taxes on goods and services. For many households, the cost of GST and HST can be a significant part of their budget.

This credit is designed to:

• Support low- and moderate-income families by offering financial assistance.
• Enhance economic equity by ensuring that those who are most vulnerable can still manage the basic costs of living.
• Encourage financial stability by providing consistent, tax-free payments that can help stretch household budgets.

For individuals and families who are struggling with the cost of living, the GST/HST Credit is a valuable resource that can make a real difference.

How to Apply for the GST/HST Credit

While you don’t need to submit a separate application for the GST/HST Credit, there are a few steps you need to take to ensure that you receive the credit:

1. File Your Income Tax Return

Every year, make sure to file your income tax return, even if you have no income to report. Filing is necessary for the CRA to determine your eligibility for the GST/HST Credit.

2. Include Relevant Information

Ensure that your marital status, dependent information, and address are up to date on your tax return. This information will be used to calculate the amount of credit you are eligible for.

3. Automatic Assessment

Once the CRA receives your tax return, they will automatically assess your eligibility for the GST/HST Credit based on the information you provided. If you meet the eligibility criteria, the CRA will begin issuing payments.

Common Questions About the GST/HST Credit

Here are answers to some of the most common questions Canadians have about the GST/HST Credit:

1. What happens if my income changes?

If your income changes significantly during the year, your GST/HST Credit payments may be adjusted accordingly. The CRA reassesses eligibility based on your most recent tax return, so be sure to file on time.

2. Can I receive the credit if I’m married?

Yes, you can still qualify for the credit if you are married. However, the CRA calculates your eligibility based on your family’s combined income. You and your spouse or common-law partner will receive a single payment.

3. Do I need to reapply every year?

No. As long as you file your tax return each year, the CRA will automatically reassess your eligibility for the GST/HST Credit and adjust your payments accordingly.

4. What if I miss a payment?

If you are eligible for the GST/HST Credit but miss a payment, you can contact the CRA to request a retroactive payment. They will reissue the payment if necessary.

How Go Get Can Help You

At Go Get, we are committed to helping you make the most of your available financial benefits, including the GST/HST Credit. Here’s how our expert team can assist you:

1. Expert Tax Filing

We ensure that your tax returns are filed accurately and on time, so you never miss out on the GST/HST Credit. Our team of tax professionals will take care of the details, allowing you to focus on other aspects of your life.

2. Personalized Guidance

We analyze your financial situation and help you identify all the credits and benefits you may be eligible for, ensuring that you receive every benefit to which you’re entitled.

3. Convenient Locations

We offer in-person assistance at our offices in Saskatoon and Regina. Whether you need help with your taxes, financial planning, or navigating government benefits, we’re here for you.

Contact Us

Don’t leave money on the table. The GST/HST Credit is a valuable resource that can help you manage your expenses and improve your financial situation. At Go Get, we’re dedicated to helping you get the support you deserve.

Visit us at:

• 📍 Saskatoon: 531 20th St W, Unit-A, Saskatoon, SK S7M 0X6
• 📍 Regina: Unit 170 – 2410 Dewdney Ave, Regina, SK S4R 1H6

Email: info@go-get.ca
Phone: +1 (306) 227-5905
Website: www.go-get.ca

Take Action Today

Contact us today to learn more about how the GST/HST Credit can benefit you. With Go Get by your side, you can rest assured that you’re getting the maximum support available to you. Let’s go get the financial assistance you deserve!

For further information, visit our partner site: SaskITs.