What is the Ontario Trillium Benefit? Everything you need to know about getting 3 tax credits in 1 monthly payment (2024)

FAQs

What is the Ontario Trillium Benefit? Everything you need to know about getting 3 tax credits in 1 monthly payment? ›

What is the Ontario trillium benefit (OTB)? The OTB is the combined payment of the Ontario energy and property tax credit, the Northern Ontario energy credit, and the Ontario sales tax credit. The annual OTB entitlement is usually divided by 12 and the payments are issued on the 10th of each month.

You're entitled to an annual amount of $360 or more, you can choose to receive the benefit either in monthly payments starting July 2024 or get a single payment at the end of the benefit year in June 2025. If you're entitled to an amount of less than $360, you will receive a single payment in July 2024.

It is intended to help offset property taxes for seniors who own their own home and who have low to moderate incomes.

Ontario trillium benefit (OTB)

The annual OTB entitlement is usually divided by 12 and the payments issued monthly. Your 2024 OTB payments, which are based on your 2023 income tax and benefit return, will be issued on the 10th of each month, starting in July 2024 (see note for exceptions).

Those living in Ontario can apply for the Ontario Trillium Benefit as one spouse. To apply, the filer must fill out an application form and include it with the income tax return. The income limit for the benefit is $19,930 for a single person and $20,000 for a married couple.

The OTB is the combined payment of the Ontario energy and property tax credit, the Northern Ontario energy credit, and the Ontario sales tax credit. The annual OTB entitlement is usually divided by 12 and the payments are issued on the 10th of each month.

Only the assessed value of the alterations, improvements or additions constructed for the purpose of providing accommodation to a senior (age 65 or older) or a person with a disability is exempt from property taxation.

Factors such as the number of family members or the cost of living where a family lives adjust the cut-off point. A family of six earning $70,000 a year could be considered low-income, while a single person earning $30,000 may not.

The $1,200 extra income for low-income seniors is part of the government's program. This program provides monthly assistance to eligible seniors with low incomes. These benefits are tax-free. They are available to those who qualify for the CPP and OAS.

If you are single, separated, divorced, or widowed, your 2024 grant will be the maximum payment reduced by 3.33% of your adjusted net income over $35,000. If your adjusted net income is $50,000 or more, you are not entitled to a grant.

What is the $300 Canada Federal Payment 2024? ›

The $300 Federal Payment is part of a broader strategy that includes other CRA programs, such as the Canada Child Benefit and the GST/HST Tax Credit 2024. By offering this targeted financial support, the government hopes to ease the financial burden on vulnerable populations and enhance their quality of life.

The Canada Workers Benefit (CWB) is a refundable tax credit designed to help low income working individuals and families with their financial needs. Eligible taxpayers can receive up to $1,428 (for single individuals) for the 2023 tax year.

What could you get? Goods and services tax / harmonized sales tax (GST/HST) credit – up to $519 per year for an eligible individual and up to $680 per year for an eligible couple. Age amount – non-refundable tax credit up to $8,396 per year if you are 65 and older.

For the 2024–25 benefit year, families can receive up to $7,787 per child under the age of 6 and $6,570 per child aged 6 through 17.

Factors such as the number of family members or the cost of living where a family lives adjust the cut-off point. A family of six earning $70,000 a year could be considered low-income, while a single person earning $30,000 may not.