Explore the essential details about GST Payment Dates for 2024 in this comprehensive guide. Learn about the specific dates for GST payments, the amounts due, and the process involved. This article covers everything you need to know about GST Payment Dates in 2024, including crucial information to ensure compliance and avoid penalties. Read on to find out more about the GST payment schedule, calculation methods, and step-by-step payment procedures.
Table of Contents
GST Payment Dates
In Canada, GST payments are made on a quarterly basis to individuals and families with low and modest incomes. These quarterly payments help alleviate the financial burden of the GST paid on goods and services throughout the year.
Funded by the federal government and issued by the Canada Revenue Agency, GST credits are easily accessible. To receive these payments, citizens simply need to file their taxes, even if they have no income to report.
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Canada GST Payment Dates 2024
| Name | GST Credit |
| Country | Canada |
| Funded By | Federal Government |
| Payments Issued by | Canada Revenue Agency |
| Payment Frequency | Quarterly |
| Maximum GST Payment | 496 dollars (Single) | 650 dollars (married/having a common-law partner) | 171 dollars (for each child under 19) |
| Website | Canada.ca |
What are the Canada GST Payment Dates 2024?
GST payments in Canada are made on the 5th of July, October, January, and April. The base year for the current GST payments is 2022, covering the payment period from July 2023 to June 2024.
The Canada Revenue Agency (CRA) regularly updates payment dates and other essential information about the GST Credit. This information is available on the Canadian Government’s website. The most recent GST payment was made on October 5, 2023, with the next payment scheduled for January 5, 2024.
GST payments issued in 2023:
- July 5
- October 5
GST payments to be issued in 2024:
- January 5
- April 5
GST Payment Delay Reasons
Even though GST payments are issued on a set date, there can still be delays in reaching the recipients. Payments made through direct deposit usually arrive faster than those sent by mail (cheque).
Direct deposits can also take up to 10 days to process. Therefore, if you haven’t received your payment, wait at least 10 business days before contacting the Canada Revenue Agency.
If you choose to receive payments by cheque, delivery times can vary due to mailing delays. To ensure faster payments, it is advisable to opt for direct deposit, which can be set up through CRA My Account.
Additionally, some areas affected by wildfires may experience further delays in cheque deliveries. In such cases, you should contact Canada Post for updates and assistance.
Canada GST Apply
To be eligible for the Canada GST credit, a person must be a Canadian resident and at least 19 years old. Parents in a shared custody arrangement may receive half of the GST credit for their child.
Typically, citizens are automatically considered for the GST credit when they file their taxes. However, new residents must complete the necessary forms to receive GST payments.
- Form RC66: For individuals with children.
- Form RC151: For individuals without children.
These forms must be mailed to their tax centers. If someone has a child and has applied for the Canada Child Benefit (CCB), they might already be receiving the child portion of the GST credit.
Canada GST Amount & Process
The amount of the GST credit generally depends on a person’s Adjusted Family Net Income (AFNI) and the number of eligible children under 19 who are registered for the CCB and GST credit. Based on these factors, the maximum GST payments someone can receive are as follows:
- $496 if they are single
- $650 if they are married or have a common-law partner
- $171 for each eligible child under 19
| Adjusted Family Net Income ($) | No Children ($/year) | 1 Child ($/year) | 2 Children ($/year) | 3 Children ($/year) | 4 Children ($/year) |
|---|---|---|---|---|---|
| Under $10,544 | $325.00 | $821.00 | $992.00 | $1,163.00 | $1,334.00 |
| $12,000 | $354.12 | $821.00 | $992.00 | $1,163.00 | $1,334.00 |
| $15,000 | $414.12 | $821.00 | $992.00 | $1,163.00 | $1,334.00 |
| $20,000 | $496.00 | $821.00 | $992.00 | $1,163.00 | $1,334.00 |
| $25,000 | $496.00 | $821.00 | $992.00 | $1,163.00 | $1,334.00 |
| $30,000 | $496.00 | $821.00 | $992.00 | $1,163.00 | $1,334.00 |
| $35,000 | $496.00 | $821.00 | $992.00 | $1,163.00 | $1,334.00 |
| $40,000 | $496.00 | $821.00 | $992.00 | $1,163.00 | $1,334.00 |
| $45,000 | $362.75 | $687.75 | $858.75 | $1,029.75 | $1,200.75 |
| $50,000 | $112.75 | $437.75 | $608.75 | $779.75 | $950.75 |
| $55,000 | $0.00 | $187.75 | $358.75 | $529.75 | $700.75 |
| $60,000 | $0.00 | $0.00 | $108.75 | $279.75 | $450.75 |
| $65,000 | $0.00 | $0.00 | $0.00 | $29.75 | $200.75 |
| $70,000 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Citizens receiving these benefits should ensure their information is kept up to date with the CRA to avoid underpayments or overpayments. An increase in the base year’s AFNI can impact the GST payments that begin in July.
The GST amount can be influenced by the following factors:
- If the eligible child turns 19
- Changes in AFNI
- Changes in the number of eligible children in care
- Starting or stopping shared custody
- Changes in marital status
The amounts, based on AFNI, can be checked using the GST Credit Payment Chart provided by the CRA. For more details on payment amounts and important dates related to GST payments, visit the Canadian Government’s website.
Conclusion
Understanding the GST payment dates, amounts, and process is vital for businesses to ensure compliance and avoid penalties. The GST payment dates for 2024 are primarily based on the type of taxpayer and the applicable return forms. Timely calculation of GST liability, generation of the payment challan, and making the payment through the designated mode are essential steps in the GST payment process. Filing GST returns accurately ensures that the tax paid is accounted for, and the input tax credit is claimed correctly. By adhering to the GST payment guidelines, businesses can maintain compliance and contribute to the efficient functioning of the tax system.
FAQs
What are the GST payment dates for regular taxpayers in 2024?
For regular taxpayers, the due date for filing GSTR-3B is the 20th of the following month.
When is the due date for quarterly GST returns in 2024?
The due date for GSTR-1 is the 13th of the month following the quarter, and for GSTR-3B, it is either the 22nd or 24th of the month following the quarter, depending on the state.