It's time for a tax deduction
Canada Revenue Agency is once again giving money back to citizens – and not only them.
Canadian authorities are once again reminding us how beneficial it is to be a good and law-abiding citizen. Tomorrow, October 5, the tax agency will send the quarterly tax credit to everyone who is eligible.
It is a tax credit to help balance the goods and services tax and harmonized sales tax (GST/HST). It is available to individuals and low-income families four times a year. The previous billing period was July 5 and the next one is expected to be on January 5.
Who can receive a payout?
All proud Canadian taxpayers by the beginning of the month in which the payment is made (currently October) are eligible for the payment. The recipient must also be at least 19 years old at least one month before the payment is made (by September 5, 2023).
However, younger taxpayers can also claim the deduction if they are currently married/partnered or living with their minor child.
How do I get one?
To receive the payment, you must file a tax return for the previous year — 2022 — even if there was no income for the entire period.
International students, work permit holders, or Permanent Residents must complete one of two forms to claim the deduction:
- If no children, RC151 completed for the year you became a tax resident;
- If there are children, RC66, it will help you get other benefits, including the Canada Child Benefit (CCB) on Oct. 20.
Amount of payment
For 2022 (in payments from July 2023 through June 2024), a single taxpayer can receive up to CA$ 496 and a married/partnered taxpayer can receive up to CA$ 650. Plus payments for each child under age 19 can reach CA$ 171.
The exact amount is calculated on the basis of the tax return, and you can find it out yourself thanks to a special calculator.
