Goods and Services Tax Credit (GSTC) – Updated March 25, 2020
GOODS AND SERVICES TAX CREDIT (GSTC)
- Any individual eligible for the quarterly GSTC based on their 2018 personal income tax filings will be eligible for an additional payment in May 2020.
- Some others may be entitled to a one-time payment, even if their income is too high to receive quarterly payments.
- The one-time payment will depend on family composition;
- The benefit is income-tested, and is reduced when “adjusted income” exceeds $37,789;
- Some individuals or families whose “adjusted income” was too high to qualify for any quarterly GSTC payments will be eligible for the GSTC.
- This benefit is managed under the income tax system;
- No special application is required as the payment will be calculated by CRA based on income tax returns filed for 2018.
- Payment is to be made in May, 2020, or earlier, so it is possible that these payments will be released in April, 2020;
- Families not presently receiving the GSTC may wish to confirm that CRA has a record of all minor children in their custody to ensure the calculations reflect these individuals;
- Taxpayers registered with CRA’s MyAccount service can view the children CRA shows under their custody online through that service.