Personal Finance

GST/HST credit? GSTC credit?

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  • May 20th, 2020 9:14 pm
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[OP]
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GST/HST credit? GSTC credit?

Due to the virus many people were given money on April 9, 2020. I’m unclear what this was? And whether there will be more payments?

I see GST/HST and GSTC. Are these the same? It’s very confusing.

“Last week, the Canada Revenue Agency announced that eligible Canadians who are receiving the GSTC will continue to receive these payments till the end of September 2020.”

???
Last edited by trellaine201 on May 20th, 2020 4:50 pm, edited 1 time in total.
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Canada, Eh!!
Sales tax credits and different wording due to province of residence
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July 13, 2017 to October 25, 2018: BOC raised rates 5 times and MCAP raised its prime rate next day each time.

2020: BOC dropped rates 3 times and MCAP waited and waited to drop its prime rate to include all 3 drops.
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trellaine201 wrote: Due to the virus many people were given money on April 9, 2020. I’m unclear what this was? And whether there will be more payments?

I see GST/HST and GSTC. Are these the same? It’s very confusing.

“Last week, the Canada Revenue Agency announced that eligible Canadians who are receiving the GSTC will continue to receive these payments till the end of September 2020.”

???
What I found is that benefit payments (including July GSTC and the CCB) will continue for all eligible Canadians (read, they were eligible for the 2018 tax year) until the end of September (really, September 20).

What it means that for Canadians that have yet to file their 2019 tax return, will continue to get the GSTC credit in July, and CCB in July, August and September.

For Canadians that did their tax return on time, nothing changes. It also means that Canadians that had reduced income in 2019 will be losing some money, and Canadians who's income shot up in 2019, will be getting extra, that is, those that have not done their return.
Why can't we all just get along?
[OP]
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Okay so that payment April 9 is one time? Not ongoing? Thanks

I tried to get thru to CRA but understandably 1-2hr wait online.
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trellaine201 wrote: Okay so that payment April 9 is one time? Not ongoing? Thanks

I tried to get thru to CRA but understandably 1-2hr wait online.
Well, it would have been nice for many people. The newspapers don't make things very clear though.

The TL:DR version is in bold. For full details: https://www.canada.ca/en/revenue-agency ... -2020.html
Benefits payments starting in July 2020 and those scheduled for August and September won’t be interrupted for those who are presently receiving the GST/HST credit and/or the CCB.
Why can't we all just get along?
[OP]
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Clear as mud. I did read and still don’t know if I’m getting more. This was not a GST rebate cheque. That much I know. I’ve never received a GST rebate cheque. Maybe once when I contributed a lot into my RRSPs one year.

GST rebate cheque’s are 3/4 times a year? Which mine wasn’t a rebate cheque. :)
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trellaine201 wrote: Clear as mud. I did read and still don’t know if I’m getting more. This was not a GST rebate cheque. That much I know. I’ve never received a GST rebate cheque. Maybe once when I contributed a lot into my RRSPs one year.

GST rebate cheque’s are 3/4 times a year? Which mine wasn’t a rebate cheque. :)
Sorry, what money did you receive? If you got something related to RRSP, that would be a tax return money.

The GST Credit is deposited into accounts every 3 months - July, October, January and April. Technically they are not rebate cheques, that is something a business would get.
Why can't we all just get along?
[OP]
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On April 9, 2020 many people received a surprise cheque ranging up to $600. They never explained what it was, if it was ongoing etc. I’m ONLY assuming it was due to the current situation. I asked a few people at work prior to and after April 9 and most received money. They had no idea why.

And today I was reading something dated May 15 from the govt and wondered if I and others were getting more of these payments.
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trellaine201 wrote: Due to the virus many people were given money on April 9, 2020. I’m unclear what this was? And whether there will be more payments?

I see GST/HST and GSTC. Are these the same? It’s very confusing.

“Last week, the Canada Revenue Agency announced that eligible Canadians who are receiving the GSTC will continue to receive these payments till the end of September 2020.”

???
Cmon we had a very detailed thread about this on RFD that ran for pages ad nauseum. Basically the GSTC rebate was for covid-19 to help lower income canadians. The govt couldnt just give X dollars to every1 so they figured out a way to do it via a GST rebate; it was the only way they could slip in the payment and not have it affect your current year's tax return as income received. NO, there will not be a 2nd round as all provinces are slowly re-opening aka peeps are going back to work.
If the glove don't fit you must acquit! #WINNING
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trellaine201 wrote:
And today I was reading something dated May 15 from the govt and wondered if I and others were getting more of these payments.
NO, may 15 was the original maximum date the govt estimated the GSTC would arrive into your account (aka for those that received payments from the govt via check or snail mail). if you have direct deposit set up with the CRA you got it on april 9th.
If the glove don't fit you must acquit! #WINNING
[OP]
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aznnorth wrote: Cmon we had a very detailed thread about this on RFD that ran for pages ad nauseum. Basically the GSTC rebate was for covid-19 to help lower income canadians. The govt couldnt just give X dollars to every1 so they figured out a way to do it via a GST rebate; it was the only way they could slip in the payment and not have it affect your current year's tax return as income received. NO, there will not be a 2nd round as all provinces are slowly re-opening aka peeps are going back to work.
Yeah I found the old thread and its still going. I was suppose to be getting notifications. :)

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