The dates for the quarterly payments of the goods and services tax and harmonized sales tax (GST/HST) are determined in January and are typically on the 5th of the month. The HST Ontario 2023 Payment Dates are January 5, 2024, and April 5, 2024. The final payment for 2023 was made on October 5 and now you must be thinking why you were How Much is HST in Ontario this amount
The purpose of the GST/HST tax credit is to lessen the tax burden on low-income households in Canada. You are typically not even required to submit a direct application for the tax credit. Your tax return will be used to determine your enrollment automatically so guys check my article and know more about HST Ontario 2023 Deadline and other details.
HST Ontario 2023
The full form of HST is Harmonized Sales Tax, and it is applied to the goods and services. The HST tax rate is 15% in all the provinces except Ontario, where it is 13%. GST is a very comprehensive multi-level tax system and applies to the sale of goods and services. The main objective of this taxation system is to prevent limitation of other indirect taxes and it is applicable throughout Ontario.
It is significant because it managed to bring Canada under one tax umbrella, thereby instilling international confidence in Ontario goods and services. It also made it incredibly easy to do business within the country, as enterprises now had a common taxation scheme under which they could operate. In this guide, i will discuss various things on HST Ontario Amount 2023, HST Ontario Payment Dates 2023 so read it.
How Much is HST in Ontario and How it works
I have explained below 4 steps on the basis of which GST/HST works in Ontario, read completely.
- Manufacturer: The manufacturer must pay as much Harmonized Sales Tax as the raw materials and value added to make the products.
- Service Provider: There will be a Harmonized Sales Tax added on the amount paid for the service provider products. However, the tax paid by the manufacturer can be reduced from the total HST that must be paid.
- Retailers: Retailers have to pay Harmonized Sales Tax on products purchased from distributors and margins are also added. Know further in this article what is HST. However, the tax paid by retailers can be reduced from the total HST that must be paid.
- Consumer: The consumer must pay for the product purchased.
HST Ontario Payment Dates 2023
Your presence must be marked as punctual on Canada’s GST payment dates for 2023. On or before the specified payment date, eligible recipients can anticipate receiving their tax-free payment.
|Quarter||GST/HST Payment Date||Payment Status|
|1st Quarter 2023||January 5, 2023||Done|
|2nd Quarter 2023||April 5, 2023||Done|
|3rd Quarter 2023||July 5, 2023||Done|
|4th Quarter 2023||October 5, 2023||Done|
|1st Quarter 2024||January 5, 2024||Next in queue|
|2nd Quarter 2024||April 5, 2024||Next in queue|
Who will get GST/HST Ontario 2023 Credit?
- He/she have to be a citizen of Canada
- Make a tax filing in Canada.
- Be at least 19 years old and in possession of a Social Security number (SIN)
- Possess a child or were a parent previously
- Have a spouse or former common-law partner
- Have a suitable income range
When will you receive the GST/HST payments
The GST/HST is a tax-free amount given by the Canadian government to low- and middle-income individuals and families to partially offset the GST they pay on their purchases. The amount you receive is determined by your family’s size, marital status, and number of children.
Payments for the credit are normally made in January, April, July, and October as the credit is disbursed on a quarterly basis. You would have received a one-time payment from the Canada Revenue Agency (CRA) on July 5 if your total GST/HST credit for 2022 was less than CAD 50 per quarter.
On July 5, 2023, if two payments appeared in your bank account, count yourself fortunate and express your gratitude to the federal government for the Grocery Rebate, which was announced on the same day. This article penned by me is a good source of information on GST/HST payment dates, amounts, qualifying requirements, and other topics.
How much GST/HST credit will you get in 2023?
The maximum GST/HST taxpayers can expect to receive per base year is as follows:
|Family Structure||Adjusted FNI|
|Single person||CAD 49,166|
|Single parent with one child||CAD 55,286|
|Single parent with two children||CAD 58,506|
|Single parent with three children||CAD 61,726|
|Single parent with four children||CAD 64,946|
|Married/common-law couple without children||CAD 52,066|
|Married/common-law couple with 1 child||CAD 55,286|
|Married/common-law couple with 2 children||CAD 58,506|
|Married/common-law couple with 3 children||CAD 61,726|
|Married/common-law couple with 4 children||CAD 64,946|