The Canadian government is set to issue tax-free quarterly payments aimed at supporting individuals and families with low to moderate incomes. This initiative is particularly significant, as the first payment of 2025 will be distributed on Friday.
The credits, which are part of the Goods and Services Tax and Harmonized Sales Tax (GST/HST) program, are designed to alleviate the financial burden of these taxes for eligible Canadians.
According to the federal government, these payments effectively help reduce the cost of living for recipients. Moreover, the GST/HST credit may also encompass payments from various provincial and territorial programs.
The government emphasizes that individuals are automatically assessed for eligibility when they submit their tax returns. For those eligible, the Canada Revenue Agency (CRA) has confirmed that payments will be sent via direct deposit. Recipients can expect to see these funds in their accounts, although it may take up to 10 business days from the payment date for the transaction to be completed.
