Some Canadians will receive a GST credit payment from the federal government next week, which will hopefully help with the soaring cost of living.

The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment.

It aims to help Canadian individuals and families with low to modest incomes offset the taxes that they pay.

If you're eligible, you'll see extra cash in your bank account on Thursday, October 5.

Who's eligible for the payment?

The government says you're generally eligible for the payment if you're at least 19 years old and a Canadian resident for income tax purposes a month before the Canada Revenue Agency (CRA) makes the payment and at the beginning of the month.

If you are under 19 years old, the government says you must meet at least one of the following conditions during the same period:

• You have (or had) a spouse or common-law partner
• You are (or were) a parent and live (or lived) with your child

Parents in a shared custody situation may be eligible for half of the credit for that child, according to the government.

How much will you get from the GST Credit?

According to the government, you could get up to:

• $496 if you are single
• $650 if you are married or have a common-law partner
• $171 for each child under the age of 19

You don't need to apply for the credit because you’re automatically considered for it when you file your taxes.

Last year, Ottawa doubled the GST Credit for six months during the height of inflation.