The government of Canada has a plan of two month tax reduction for the people of Canada looking forward to the holiday season. From December 15, 2024 to February 2025, many Canadians shall see some tax exemption on certain goods and services. It is expected that the Canada Extra GST Payment December 2024 might be issued but this news has no base because no such information is available on the portal of CRA. This GST Tax Reduction could be applied to vegetables, groceries, clothing, restaurants, etc. This tax reduction will help many Canadians save a big portion of their bills and this reduction is estimated to be saving around $1.6 billion till this break is applied in Canada from December to February onwards. However, this does not mean there would be any extra GST payments from the last 2024 release.
Any one time extra GST payments could be released under the government of Canada and the Canada Revenue Agency, hence all the updates could be seen from the same website. Although these payments amount is decided according to the Consumer Price index and the net income of the willing applicant. The GST credit is also looked upon by seeing the number of dependent children under the age of 18 and Canada Extra GST Payment Eligibility Criteria 2024. Low income families who are eligible for the GST payments in Canada, for singles the amount of payments starts from $496, for couples the payments may start from $650 and for each dependent child the amount may start from $171. Other than this, $445 Canada Family Benefit In December 2024 is also expected to be issued by the eligible beneficiaries.
Canada Extra GST Payment December 2024
The GST payments in Canada under the CRA are given to those who meet the eligibility criteria and the income limits. If the annual income of a willing applicant is over $35,000 in that case the amount of your GST benefits could be reduced up to 2% for each dollar. Most importantly the applicant must have paid their tax returns and should have updated their bank details and personal information to their bank accounts in order to get Canada Extra GST Payment December 2024 if issued. This is the best way to receive your direct deposits on time and regularly stay updated to the official portal of the CRA for more updates or any new changes to the payments.
CRA Extra GST/HST Credit Payment 2024
| About | CRA Extra GST/HST Credit Payment 2024 |
| Country | Canada |
| Authority | Canada Revenue Agency |
| Category | Finance |
| Year | 2024 |
| Name of the payments | GST/HST |
| About | Reduction in taxes for upcoming months in Canada |
| Reduction period | December 2024 to February 2025 |
| Regular payment dates | October 2024 |
| Amount | $171 to $650 |
| Frequency of payments | Quarterly payments |
| Official handle | Official portal of the CRA |
Canada Extra GST Payment Eligibility Criteria 2024
Following is the Canada Extra GST Payment Eligibility Criteria 2024 which applies to everyone who wish to claim the credit.
- The GST/HST credit was designed especially by the CRA for all low income beneficiaries of Canada who are legal citizens and permanent visa holder residents.
- The annual income of a GST/HST credit applicant shall not be exceeding over $35,000 for singles and over $45,000 for joint applicants.
- The applicants should be tax payers and must be taking care of a child under the age of 18, being their legal guardian or birth parent.
How To Claim Canada Extra GST Payment December 2024
Instructions below can be used to Claim Canada Extra GST Payment December 2024.
- No separate application process is required to get into the tax reduction period of the GST/HST credit in December 2024 to February 2025.
- All the existing beneficiaries need to update their current information including their bank details and personal information to their MSCA.
- Most importantly the applicants must have filed their tax returns from all the previous year and take financial experts advice on their savings and tax returns.
GST/HST Credit Payment Dates 2024
| 1st Quarter | January 2025 (Coming Next Month) |
| 2nd Quarter | April 2025 |
| 3rd Quarter | July 2025 |
| 4th Quarter | October 2025 |
CRA GST/HST Payment Amount 2024
| Criteria | CRA GST/HST Payment Amount 2024 |
| Single | $496 |
| Couples | $650 |
| Per child | $171 |
Fact Check – Canada Extra GST Payment December 2024
According to the latest news articles there are rumors related to the extra GST/HST payments for upcoming months, hence we discovered that there is nothing as an extra payment. Instead the government of Canada has decided to reduce the amount of taxes on goods and services in Canada till the holiday season is on. During this time the government of Canada cut taxes on goods and services from December 2024 to February 2025, hence people who are already taking GST/HST credit need to take lower taxes on goods and services. More information associated with the reductions can be seen on the official website of the Canada Revenue Agency.
FAQs On Canada Extra GST Payment December 2024
The GST credit 2024 payments designed for each child under the age of 18 and dependent starts from $171.
The upcoming GST/HST payments in Canada shall be released from January 2025 onwards, whereas the last payments for 2024 were released in October.
The upcoming holiday season tax reduction in Canada shall be applied from December 2024 to February 2025 with an estimated budget of $1.6 billion.
