Canadians Can Receive Up To $600 From This Revenu Québec Tax Credit

Quebec residents still have time to claim the Cost of Living tax credit through Revenu Québec to help mitigate the cost of groceries, rent and day-to-day necessities.

On January 25, 2024, Revenu Québec announced the extension of the Cost of Living credit, giving you up until this summer to claim the refundable tax credit.

What You Need To Know: The Cost of Living tax credit was first announced back on November 9, 2022, offering eligible individuals $400 to $600, depending on their net income. "To receive it, eligible individuals had to file their 2021 income tax return by June 30, 2023," Revenu Québec said.

The Quebec government has officially extended the period for receiving the refundable tax credit. The deadline for filing the 2021 income tax return has now been extended from June 30, 2023, to June 30, 2024.

If you already filed your 2021 income tax return, the new announcement does not concern you. Additionally, if you were eligible at the time, you likely already received payment from the government.

However, for eligible individuals who filed their 2021 income tax return between July 1, 2023, to January 21, 2024, the tax credit will be paid out by February 29, 2024.

Eligible residents can receive up to $600 if their 2021 income was $50,000 or less. For those who earned between $50,000 to $54,000 can receive $400 to $599.99, while individuals who earned $54,000 to $100,000, are eligible for up to $399.99. If you earned more than $104,000 in 2021, you are entitled to $0.

Why This Is Happening: According to the Quebec Ministry of Finance, some low-income individuals and families were unable to file their 2021 tax returns by the required deadline and have not received the one-time patent.

"As a result, Quebec's tax legislation will exceptionally be amended so that, to benefit from this one-time amount, individuals must have filed their tax return for calendar year 2021 no later than June 30, 2024. This change will allow more low- and middle-income Quebecers to receive this tax assistance," the government said in a press release.

What Comes Next: Revenu Québec said that eligible individuals who file their 2021 income tax return from February 1 to June 30, 2024, will receive the credit by September 30, 2024.

If you have direct deposit set up with Revenu Québec, then the one-time payment should be directly paid out to your account. For those who do not have direct deposit set up, you will receive the Cost of Living tax credit by cheque in the mail.

"Moreover, eligible individuals who file their 2021 income tax return may also receive the one-time cost of living credit of up to $500 that was announced in the budget speech of March 22, 2022," the government agency said.

Keep Reading: With tax season well underway, it's important to verify your eligibility for other provincial and federal benefits and credits, including the Canada Workers Benefit, Canada Child Benefit, Family Allowance, Climate Action Incentive, Old Age Security, the Quebec Pension Plan and the Canada Pension Plan, among others.

This article's cover image was used for illustrative purposes only.