The first installment of four installments of the Goods and Services Tax/Harmonized Sales Tax (GST/HST) is scheduled to arrive in the bank accounts of Canadians on July 5.

The tax-exempt credit, which is paid in four parts, is intended for individuals and families with low to modest incomes to help offset the sales taxes they pay.

The Canada Revenue Agency (CRA) clarified that single Canadians can receive up to $519 over the four payments, while married individuals or those with a common-law partner can receive up to $680.

There is an additional credit for each child under the age of 19, up to $179.

The CRA stated that this year's round of payments, calculated using the 2023 tax returns, will be delivered on July 5 and October 4, 2024, and January 3 and April 4, 2025.

However, Canadians with a total credit amount of less than $50 per quarter will receive the full amount this week.

To be eligible for the credit, you must be a Canadian resident filing income tax at the end of the month prior to and at the beginning of the month in which the payment will be made, according to the CRA.

You must have filed your 2023 tax return to receive the credit, even if you did not earn any income last year.

You must be at least 19 years old in the month preceding the CRA's quarterly payment, with some exceptions.

The CRA mentions that other benefit payments will also come in July, such as the Carbon rebate on July 15 and the Child Benefit on July 19.

The CRA has an online child and family benefit calculator that can help you determine what benefits you may be eligible for and the amount you may qualify to receive.