GST Increase 2023-2024 ~ When Will GST Increase in Canada is Coming?

GST is a goods and services tax that applies to every purchase of taxable goods and services supplied in Canada. The current GST Rate in Canada is 5% and may vary by province and territory. So if you are looking for more information about GST Increase 2023-2024 as well as when is Canada GST Increase going to happen this year then I have mentioned all the details in the article below.

GST also applies not only to retail goods but also to real estate property. So if you are a valid and eligible GST Registrant in Canada then you will get GST Credit on the given GST Credit Schedule 2023. You can check the following section for details.

GST Increase 2023-2024

If you are a permanent resident of Canada then you can get GST credit payment on the given due date. GST is a type of tax that applies to all retail goods and other real estate properties. The Canada Revenue Agency (CRA) is responsible for creating a GST Tax Credit for eligible people and if you pay a GST return on each of your purchases the GST Tax Amount will be created in the quarter.

To avail of GST Credit in Canada you must meet certain criteria defined in the section below. You must be 19 years of age for GST Increase 2023-24 and if you are below 19 years of age then you must fulfill at least one of the conditions given below;

  • You have a spouse or Common Law Partner,
  • You are a Parent and Live with Your Child.

Everyone in Canada can register for the GST Credit. In some cases, goods and services are exempted from GST and are calculated as zero GST. If you have taxable supplies in Canada then you can register for GST and also file a GST Return if you want GST Credit from the government. If you have filed an income tax return for the current year and are below 19 years of age then you will definitely get an enhanced GST Tax Credit from CRA. If you think you are eligible for the GST Increase and have not received it yet, you can visit the CRA website for more information.

Canada GST Refund

Big Changes in CPP 2024

Double GST Tax Credit

When will the GST Increase in Canada?

The enhanced GST Increase depends on the information given in the income tax return filed and it will be distributed automatically you can get the GST Increase from CRA through direct deposit or cheque. GST Tax is collected by CRA when you purchase any goods and services from valid GST Registrants.

GST is applicable only on taxable supplies in Canada and will help all those low to middle-income families manage their cost of living. GST Tax Credit will be available on the 5th of every month of January, April, July and October where GST Tax Credit starts from the month of July. You can learn information related to GST Increase 2023-24 from the following sections.

GST Increase 2023-2024 ~ When Will GST Increase in Canada is Coming?

GST Increase Canada – Overview

Article OnGST Increase
Financial Year2023-2024
Current GST Rate in Canada5% (See Below Province Wise)
Frequency of GST Tax CreditQuarterly
GST Tax Credit Schedule5th of Every January, April, July, and October
Regulating AuthorityCanada Revenue Agency

What can You Expect to Receive from the GST Increase 2023-24?

The GST Increase is applicable for all provinces and territories of Canada and citizens who are registered for GST Tax Credit will get the GST Increase as per the Government of Canada. The GST Return also depends on what information you have submitted.

After that the concerned authority will verify the details then they will create a GST Credit for you. The base year 2022 (July 2023 to July 2024) is also considered for GST Increase for you and this may impact your GST Tax Credit as early as July 2023. As expected, you can avail the GST Increase as follows:

  • If you are Single then will get $496
  • If you are Married or Have a Common Law Partner they will get $650
  • If you have a Child Under 19 Years of Age then will get $171 per Child.

What are the Current GST Rates in Canada?

GST Rates in Canada may vary across provinces or territories. Because some provinces use a combination of provincial sales tax and GST and have implemented different GST or HST Rates. However, the same GST Rate is applicable in some provinces where PST is not included. If you want to know the updates on GST Rate in Canada by province then use the table below.

ProvinceGST Rates
New Brunswick15%
Nova Scotia15%
Northwest Territories5%
British Columbia5%
Newfoundland and Labrador15%
Prince Edward Island15%

OAS Increase 2024

CPP Payment Dates 2024

CRA Benefits Payment Dates

Who Can Register for GST?

Everyone who is a supplier of goods and services and not engaged in small business can apply for GST Registration in Canada. There are many businesses that register for GST as well as HST. There are also certain criteria that define your eligibility for GST Tax Credit and also the GST enhancement you can avail as per government rules. You are not eligible for GST Register if you have the following:

  • Have a Small Business or Supplier,
  • Non-Resident of Canada,
  • You have Property for the commercial Activity, etc.

When Is the GST Increase Coming Out this Year?

The increase in GST will depend on several factors including filing of income tax returns, price rise on goods and services and inflation. All calculations will be done every year and the government will take responsibility for increasing the GST Rate in Canada. Therefore whenever there will be an Increase in GST the government will inform all the citizens through the official website. So if you are concerned about knowing when GST will increase in Canada then you can visit the official website of CRA to know the latest updates.

The current GST Rate in Canada is 5% and if there is any increase in GST there it will be effective from the next financial year. But there is no possibility of any increase in GST in Canada and the rate will remain stable for the coming year. If there is any increase in GST then one can get an increase in GST. If there is any reduction in the prices of goods and services then GST may also reduce. Therefore, do not panic and stay connected with CRA to know the issue of increase or decrease in GST. You can bookmark this website for the latest GST updates in Canada directly.

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