When you are part of the medium to low income bracket, you can immediately approve for a GST/HST credit. As with annual taxes, the majority of Canadians pay GST every day. Since it is added to nearly every product and service, it’s impossible to avoid paying. You will also find GST in transactions such as house payments or downloaded content from the internet. In certain areas of the country, GST is combined with provincial sales tax to create what is commonly known as a harmonized sales tax (HST). If you are curious to learn all about GST/HST credit and whether or not you are eligible, check out the information we here at Wales Accounting want to provide you with. 

What Is GST/HST Credit? 

In simplest terms, GST/HST credit is a tax-free opportunity to help Canadians who have medium to low income obtain an offset amount of GST/HST that they paid throughout the year. It is issued quarterly each year by the Canadian Revenue Agency. In addition to the GST/HST credit, Canadians also have the chance to approve for different provincial & territorial credits depending on the region.  

Who Is Eligible For This Credit? 

As we have mentioned previously, GST/HST credit opportunities are given to those who are considered to have a medium to low income. From the early age of just 18 years old, citizens can file for income tax (even though they don’t have any income!) and will immediately approve for GST/HST credit. In any other case, every Canadian who files their taxes is eligible for this credit as well. Alternatively, every person who is ineligible for this credit will receive a notice. If someone believes this notice was uncalled for, they have the ability to object to it.  

How To Apply For This Credit 

When you are either A) an international student or B) a new resident to Canada, you can receive this credit by following the steps below: 

1. Apply for a SIN (Social Insurance Number) 
2. Fill out what is known as the RC151. This is the GST/HST application for people who are new to Canada and do not have children over the age of 19. 
3. If you do have children, fill out the RC66 (This is also known as the Canada Child Benefits Application). 
4. Mail the completed, filled out form to your nearest tax center. 

How Much Money is Included in This Credit? 

The answer to this question will entirely depend on your life circumstances, but in general, the amounts one will receive are as follows: 

• If you are single, $456. 
• If you are married/have a common-law partner, $598. 
• If you have a child/children, for each one, the amount is $157. 

How Our Team Can Help 

If this information was helpful and you are now in need of assistance to fill out your taxes, let our team at Wales Accounting help. With all of the proper experience, skills and services, we make sure that all of your taxes are completed in the most professional manner possible. With our team, you get all of the benefits and credits you approve for, and we get you as much money back as we can. To learn more about our personal tax filing in Richmond Hill, be sure to call our staff at  (905) 508-9262 today!