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1 in 4 Canadians Can Only Afford the Minimum Payment on Their Credit Card

  Published August 24, 2026 · Canadian Money Brief A new survey from Equifax Canada puts a hard number on something a lot of us have felt creeping up all year: credit cards are doing more of the heavy lifting in Canadian budgets, and fewer people are paying them off. Of more than 1,500 Canadians surveyed, a quarter said they expect to make only the minimum monthly payment on their credit card, and another 7% think they'll fall behind entirely. That leaves just over half — 56% — who expect to pay their balance in full each month. The survey also found that 40% of respondents are spending more overall than they were a year ago, more than double the 18% who say they're spending less. Nearly 3 in 10 said they're leaning more heavily on credit cards to cover essentials like groceries and utilities, and close to a quarter are dipping into savings to keep up with everyday costs. More than a third have cut back on contributions to savings, investments, or education funds to make ro...
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GST/HST Credit Eligibility Criteria for 2024




The GST/HST credit is a tax credit offered to low- and modest-income households in Canada. It is a tax-free quarterly payment that helps offset the GST or HST paid on goods and services. You are eligible for the GST/HST credit if you are a Canadian resident over the age of 19. A Canadian resident earning below $52,255 annually is eligible to apply for the GST/HST tax credit. The annual earnings limit increases to $62,175 for a single parent with two children, and for a married couple with three children, the adjusted family income should be lower than $65,595.

The GST/HST tax credit amount varies based on the individual’s income and family size. An individual is eligible to receive up to $496 in tax refunds. Moreover, the tax credit amount rises to $650 for married couples, while for every child below the age of 19, the payout is raised by an additional $171.

The GST/HST tax credit for the 2022 base year will be distributed between July 2023 and June 2024. The last GST/HST tax credit distribution date was on January 5, 2024.

It is important to note that the eligibility criteria and tax credit amounts are subject to change. For the most up-to-date information, please visit the official website of the Canada Revenue Agency.

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