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GST & HST Refund Schedule 2024 – Amount Released and Refund Dates

GST & HST Refund Schedule 2024 – Amount Released and Refund Dates. The GST & HST refunds for 2024 are designed to provide financial relief to Canadian citizens based on their annual income and family size. This guide details the refund schedule, eligibility criteria, and how to claim your refund for this year.

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GST & HST Refunds

In Canada, citizens who have filed their taxes for the previous year are eligible to receive GST & HST tax refunds for 2024. The Canada Revenue Agency (CRA) calculates these refunds automatically, taking into account the annual income of the household. To help ease the financial burden on taxpayers, these refunds are distributed periodically throughout the year.

GST & HST Refund Schedule 2024

For 2024, GST & HST refunds are issued quarterly. The payments are generally made on the 5th of each month, with the following key dates:

2nd Quarter: April 5, 2024
3rd Quarter: July 5, 2024
4th Quarter: October 5, 2024

These payments are deposited directly into the beneficiaries’ bank accounts. For the month of July, payments may have been issued on July 5, 2024.

Amounts Released

The amount of the refund varies based on family size and income. On average, the amounts are:

Single individuals: Approximately $496
Married individuals: Up to $650
Per child (additional benefit): $171

There is no separate application process for these refunds. The CRA identifies eligible candidates based on the information provided in their tax returns.

Eligibility Criteria

Eligibility for GST & HST refunds in 2024 depends on the following:

Annual Income: The amount of refund is influenced by the family’s annual income.
Family Size: The number of members in the family affects the total refund amount.
Previous Year’s Tax Returns: Only taxpayers who have filed their previous year’s taxes are eligible.

To qualify, individuals must meet the income requirements and be Canadian citizens or residents who have filed taxes for the previous year.

How to Claim GST/HST Refunds

Visit the CRA Website: New or existing recipients should visit the official CRA website for information on receiving payments.
Automatic Payments: If you are already receiving GST & HST refunds, you will automatically receive payments based on your filed tax returns.
Submit Queries: For any issues or questions, fill out the appropriate forms or contact the nearest CRA office.
Wait for Processing: After submission, wait for the CRA to process your information and issue your payments.

Important Notes

This information is based on the latest updates from the CRA’s official website. While efforts are made to ensure accuracy, details may change, so it’s crucial to verify the information from official sources before making any decisions.

FAQs About

Q 1. What is the average refund amount for GST/HST in 2024?

Ans: The average refund ranges from $171 to $496, depending on the individual’s circumstances.

Q 2. Who is eligible for GST/HST refunds in 2024?

Ans: Taxpayers from previous years who meet the income and family size criteria are eligible for refunds.

Conclusion

The GST & HST refunds for 2024 provide significant financial relief to Canadian taxpayers based on their income and family size. By adhering to the CRA’s schedule and eligibility requirements, individuals can receive their refunds promptly.