Navigating Canada’s GST/HST Tax Refund Schedule for 2024: What You Need to Know!

by | Feb 4, 2024

As is well known, Canada’s GST/HST tax plays a significant role in the nation’s tax structure. You must pay GST/HST on almost all sales of goods and services in Canada. Prices are rising over time, and taxes are increasing on everything. Do you wonder why tax rates seem to be rising faster than they used to? The tax system is something that both individuals and businesses need to understand. It affects financial strategy and cash flow.

Yogi & Associates will provide recent information of the GST/HST tax schedule in this blog. We’ll talk about the requirements for eligibility and the application process.

1. What is the GST/HST Tax Schedule?

First, it’s critical to understand the idea of GST/HST refunds. The GST/HST paid on qualified purchases refunds to individuals and businesses. Businesses enjoy this refund as it lessens the tax burden on inputs and operating costs. For GST/HST refund, you must follow specific rules and deadlines established by the CRA.

2. When are the GST/HST Payment Dates Scheduled?

If you are eligible for the GTS/HST tax refund, you will receive the refund four times a year. The GST/HST payment dates are set on quarterly basis. According to the CRA, the GST/HST payment dates are:

  • First payment January 5, 2024.
  • Second payment April 5, 2024.
  • Third payment July 5, 2024.
  • Fourth payment October 4, 2024.

Note:

If your total GST/HST credit for any given quarter in 2022 was less than $50, you will receive a single payment from the Canada Revenue Agency (CRA) on July 5.

3. Who is Eligible for GST/HST Tax Refund?

The requirements are clear-cut and easy to meet to be eligible for a GST/HST tax refund. To qualify:

  • You ought to live in Canada.
  • You must be older than eighteen and 18 to receive the Canada Child Benefit.
  • You must have paid the tax in the previous financial year, 2023.
  • Your family income is less, meeting the criteria. The tax refund will depend on the family income you mentioned in the previous year for the tax refund.
  • If you are under 19, the parents will get the refund credit for the GST/HST tax.

If you are younger than nineteen, you must:

  • Have a spouse or common-law partner.
  • Be a parent who resides with their child.

Note:

Complete the forms and include details about your marital status and number of children if you recently moved to Canada and wish to receive your GST/HST tax refund. Taxpayers requesting refunds must provide the relevant payment dates. Dates of dispatch and loading must be provided by those requesting export refunds. Refunds for HST and GST influences by these factors. It takes 2-3 months for taxpayers to receive their refunds during the refund process. The CRA deposits refund amounts into the bank accounts of taxpayers.

4. Who is not Eligible for a GST/HST Tax Refund?

There is a standard criteria to be eligible for GST/HST Refund, you cannot be eligible:

• If you are not a Canadian resident.
• If you are working as an officer of another country or a family member of that person.
• If you have a criminal record and spent at least 90 days in a row in jail.
• If the beneficiary has passed away and you are claiming the refund.

5. How Much Credit do you get from the GST/HST Tax Refund Schedule?

The amount you get as a refund depends on your family structure:

Screenshot 1206

Note:

The GST/HST tax credit is non-taxable. You don’t have to pay tax on the refund credit.

6. How do you Apply for a GST/HST Tax Refund?

You can request a GST/HST tax refund without completing the application forms. The CRA will check your eligibility when you file your tax return and, if you qualify, will give you this benefit.

7. How will you receive the GST/HST Tax Refund?

The procedure is relatively easy if you have set up a direct deposit with your online bank. Your account statement will refer to it as the Canada FPT or the GST/HST tax credit. Selecting the check option will result in a delay of 10 business days. Make a call to CRA if it doesn’t appear.

8. How is GST/HST Tax Refund calculated?

If you have submitted your taxes in 2023, you will get the tax refund in 2024. Hence, the calculation will depend on the information from the previous year 2023.

You can refund the 2024 GST and HST refund quarterly over a period of 12 months. The initial installment is due in July of that year, and the last payment is due in June of the later year.

You will receive a letter from the CRA at your home if you qualify for a GST/HST refund. The letter will detail the amount of your refund and when it issues. It will also contain details of the GST/HST computation.

9. Why your GST/HST Tax Refund Re-Calculates:

If the tax refund re-calculates due to some reasons, you will get the letter from the CRA with the modified refund details. The changes in tax refund calculations can happen due to the following reasons:

  • If your or your or your partner’s net income has changed.
  • If your marital status changes.
  • If your number of children has changed.
  • In the event of the recipient of the HST & GST Refund passing away.

Note:

Always reach out to the CRA on time whenever these changes happen in your life. The CRA will update your records and assess your GST/HST payments. The CRA will then send you a statement that shows the modified annual credit amount.

The Bottom Line:

The GST/HST refund schedule in Canada calls for careful planning, and meeting the legal requirements. Maintaining a proactive and informed approach is crucial to managing tax obligations.

The blog post by Yogi & Associates gives you all the latest information on the GST/HST tax refund. We hope you understand any recent changes of GST/HST refund we included in our blog. This post has all the information you need, whether you’re looking for information or want to stay current.

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