Ontario Trillium Benefit Payment Dates 2024, OTB Amount, Eligibility and Application Process

The Ontario Trillium payment dates 2024 is designed to simplify your finances by combining three important support programs into one payment. These programs are the Ontario Energy and Property Tax Credit, the Northern Ontario Energy Credit, and the Ontario Sales Tax Credit.

OTB payments are typically made in 12 monthly installments. Starting from July 2024, you can expect to receive your payment on the 10th of each month. If the 10th falls on a national holiday or a weekend, your payment will be processed on the nearest business day before the 10th. This rule applies to all three of the credits included in the OTB.

Ontario Energy and Property Tax Credit (OEPTC)

The Ontario Energy and Property Tax Credit (OEPTC) is designed to help residents with low to moderate incomes by cutting down on energy and property taxes. The OEPTC has two main parts: one helps with energy costs, and the other with property taxes. To qualify, you must have been an Ontario resident for at least a year as of December 31, 2023, and meet the basic eligibility requirements.

Eligibility:

• Rent or property taxes paid for your primary home in Ontario in 2023.
• Accommodation costs at a non-profit or public long-term care facility in Ontario in 2023.
• Home energy expenses (like electricity or heating) for your main residence in Ontario in 2023.
• Costs for living in a university, college, or private school residence in Ontario in 2023.

Benefit Amount: If you opted to receive the full 2024 OTB benefit in one payment and it exceeds $360, you'll get it in a lump sum on June 10, 2025. If it’s less than $360, the payment will be made in July.

Additional Note: If you were 64 or older as of December 31, 2023, lived in your primary residence in Ontario, and paid property taxes in 2023, you might also be eligible for the Ontario Senior Homeowners’ Property Tax Grant in 2024.

Understanding OTB Payments

The Ontario Trillium Benefit (OTB) includes the Ontario Sales Tax Credit (OSTC), Northern Ontario Energy Credit (NOEC), and Ontario Energy and Property Tax Credit. To qualify, you need to complete the ON-BEN application form with your tax return.

Northern Ontario Energy Credit (NOEC)

The Northern Ontario Energy Credit (NOEC) helps residents of Northern Ontario with higher energy costs. The credit provides financial support to cover these extra expenses.

Eligibility:

• Property taxes or rent paid for your main home in Northern Ontario in 2023.
• Costs for living in a non-profit or public long-term care facility in Northern Ontario in 2023.
• Energy bills (like heating or electricity) for your primary home in a Northern Ontario reserve in 2023.

Benefit Amount: If you choose to receive the 2024 OTB benefit in one payment and it exceeds $360, you’ll get it in full on June 10, 2025. If it’s less than $360, the payment will be made in July.

How to Apply for NOEC: Claim the NOEC through your income tax and benefit return from the previous year. For 2024, use your 2023 tax return and fill out the ON-BEN form, which includes the Ontario Trillium Benefit and Ontario Senior Homeowners’ Property Tax Grant applications.

Ontario Sales Tax Credit (OSTC)

The Ontario Sales Tax Credit (OSTC) is a tax-free payment designed to help offset sales tax for low to moderate-income residents.

Benefit Amount and Dates: From July 2024 to June 2025, based on your 2023 tax return, the OSTC can be up to $360 per person. Single parents with incomes above $27,729 or families with incomes over $34,661 will see a reduction in credits. The OSTC, part of the Ontario Trillium Benefit (OTB), is paid monthly starting in July 2024.

For the previous cycle (July 2023 to June 2024), the maximum credit was $345 per person. Reduction thresholds were $26,535 for singles with no children and $33,169 for families.

Upcoming OTB Payment Dates 2024: OTB payments are made on the 10th of each month. If the 10th falls on a weekend or holiday, payments are issued on the last working day before.

• January: 10th
• February: 9th
• March: 8th
• April: 10th
• May: 10th
• June: 10th
• July: 10th
• August: 9th
• September: 10th
• October: 10th
• November: 8th
• December: 10th

How to Apply for OTB

You don’t need to fill out a separate application for the Ontario Trillium Benefit (OTB) if you already complete your annual tax return. To apply:

1. Complete your income tax return for the previous year.
2. Fill out the ON-BEN application form, which includes the Ontario Trillium Benefit and Ontario Senior Homeowners’ Property Tax Credit applications.
3. Ensure all information is accurate and file your tax return by the deadline, usually April 30, to avoid delays.

FAQs:

• What if I file my tax return after the deadline?
  Filing late could delay your OTB payment.

• When will I receive my OTB payments?
  Payments are made on the 10th of each month, or the last working day before if the 10th is a weekend or holiday.

• How do I apply for the Ontario Trillium Benefit?
  Complete and submit the ON-BEN form with your income tax return to apply.

Source: https://sosamericapac.org/