Check out the information about HST Payment 2024: What Are the HST Payment Dates and Why Should You Care? from this article. Various details about HST Payment 2024: What Are the HST Payment Dates and Why Should You Care? and other substantial details are included in this article.
HST Payment 2024
The Harmonized Sales Tax (HST) Payment is a tax-free credit that helps people with low income to reduce the payable HST. In some cases, the HST Credit can also include payments from the provincial/territorial programs.
The payment is usually made on the 5th day of the payment month. The payment is made on a quarterly basis, and the amount that people can receive depends on the AFNI and the number of children registered for the CCB and HST credits.
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What Are the HST Payment Dates?
The payment dates for the HST Credit in 2024 are – January 5 and April 5. As long as a citizen files their federal tax return, they will automatically be considered for the HST Credit. How much that person can get from the HST Credit will depend on the reported income on the tax return.
The payment dates are provided by the Canada Revenue Agency on its authorized website. Therefore, if a person wishes to check the HST Payment dates, they should visit Canada.ca to obtain this information.
Additionally, people can also calculate how much credit they can get from the HST payment through the child and family benefits calculator available on the authorized web portal of the Canadian Government.
How much is the HST Payment?
HST Credit for 2022 Tax Year will be paid in 2024 – 2024. This means that the quarterly payment of the HST credit will be made in the following months –
- July 2024
- October 2024
- January 2024
- April 2024
After this, the payment of the next tax year, i.e., 2024, will begin rolling out in the payment period – 2024-2025. More information on the HST Payment for the 2024 Tax Year will be provided by the CRA in due course.
The maximum HST Credit for the 2022 Tax Year is –
- 650 dollars – single
- 496 dollars – married
- 171 dollars/child under 19
The maximum HST Credit is only paid when a person meets the income, age, and residential criteria.
There are many factors that can affect the HST Credit amount received by a person, such as –
- qualifying child turns 19
- the shared custody of a child is started/stopped
- the person receiving the credit dies
- change in marital status
- change in family net income
In case the net income increases, the credit amount can be decreased, depending on how much the income has increased. If a person stops or starts shared custody of a child, the CRA can reassess their situation and make the payments accordingly.
If a person previously received the payments for a child that they have in shared custody, and they stop the shared custody, their credit amount can be reduced.
In case a person was previously receiving HST credit for married couples, and their marital status changes due to separation, the HST Credit can be reduced.
This is why it is important for people to update their information and notify CRA about any potential changes in their living situation. More information on what things can affect the HST Credit can be found on the authorized website of the Government of Canada.
Why Should You Care?
People can log in to their My CRA Account to check the payment dates for the HST Credit. This can also be used to keep the information up to date to avoid over and underpayments.
This is because if the living situation of a person changes and they fail to update their information, they can receive underpayments or overpayments. In case of underpayments, they will receive the reduced amount through the HST Credit. Whereas if they receive more amount than expected, they might have to repay the excess amount.
Therefore, all these troublesome situations can be avoided by regularly updating the information. More information on what to do in case of underpayments and overpayments can be obtained from Canada.ca.
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The HST payment can significantly boost the income of a person. Additionally, this credit is a tax-free credit, which means individuals are not required to report it.
Furthermore, the maximum payable amount as the HST credit can change for each tax year. This is why people should regularly check the changes in the HST Credit, as it can help them to do better financial planning accordingly.
