Click on this link to learn more about the Ontario Trillium Benefit January 2024: Coming on January 9, Are you Getting it? Different information about the Ontario Trillium Benefit in January 2024: It’s coming on January 9—are you ready? This article has those and other important things.
Trillium Benefit in Ontario in January 2024
People who live in qualified homes in the state get the Ontario Trillium Benefit (OTB), which helps them pay their property and sales taxes and energy costs. The Ontario Sales Tax Credit, the Ontario Energy and Property Tax Credit, and the Northern Ontario Energy Credit make up this important benefit.
It is the Canada Revenue Agency that sends out OTB payouts. The payments are usually sent out on the 10th of every month. When will the next Ontario Trillium Benefit be sent? It will be in January 2024.
| Important Links |
| 1. Canada Retirement Age |
| 2. Canadian High Dividend Stocks |
| 3. When does Trillium pay in 2024 |
| 4. Hidden Benefits of ODSP |
OTB January 2024
| Province | Ontario |
| Country | Canada |
| Credits | OSTC, OEPTC, and NOEC |
| Payments Administered by | CRA |
| Type | non-taxable |
| Next Payment Dates | February 9, 2023. |
On November 10, Ontario Will Get a Trillium Benefit.
As was already said, CRA sends out OTB payouts every month on the 10th, unless it’s a holiday. That’s why the Ontario Trillium Benefit will happen on November 10. Someone will get both the income tax credits and the Ontario Trillium Benefit through direct deposit if they get their income tax credits that way.
People who get their income tax credits in the form of checks will also get their Ontario Trillium Benefit in the form of a check. Please keep in mind that checks and other mail-order payments usually take longer to arrive.
This is why a lot of people choose direct deposit to get their money faster. People can set up direct transfers by giving the CRA their bank information over the phone, through the My Account or MyCRA app, or online.
The CRA splits the yearly OTB Payment into 12 equal amounts, which are based on details on the person’s Income Tax Return. The tax records from 2022 will be used to figure out the exact OTB Payments for this year. The present year of benefits runs from July 2023 to June 2024.
What Are You Getting out Of the Ontario Trillium?
People who meet the requirements for the Ontario Trillium Benefit should be able to get either the Ontario Sales Tax Credit, the Northern Ontario Energy Credit, or the Ontario Energy and Property Tax Credit.
The requirements for each of these points are different, as well as the amounts that can be credited. If a person can get at least one of these, they should get the Ontario Trillium Benefit.
People should file their 2022 income tax and benefit returns to get the OTB payouts. OTB is not used to figure out income tax. People don’t have to figure out how much money they will get from the OTB check.
Based on the information on the income tax return, the CRA figures out how much of a bonus to give. However, the CRA’s child and family benefit tool can help people get a rough idea of how much they can get from the Ontario Trillium Benefit.
How Much the Ontario Trillium Benefit Is
The amount of the benefit varies on where you live, how many people live in your family, your age, your income, and other things.
- In 2023, if someone meets the requirements for –
- more than $360, they can choose between making payments every month or all at once.
- A single payment will be made to anyone who is owed less than 360 dollars.
- People who are owed more than two dollars but less than ten dollars will get ten dollars instead.
- If someone is owed less than two dollars, they will not get it.
- The CRA should be contacted if someone doesn’t get their payment or gets less than they expected.
How to Get the Trillium Benefit in Ontario?
We already know that the OTB has three main parts: OSTC, OEPTC, and NOEC. For the OSTC part, people don’t need to apply because the CRA checks the returns to see if the people are eligible and what they are owed.
For the other two parts, however, people need to fill out the Form ON-BEN. People must file their taxes on time every year to keep getting the Ontario Trillium Benefit.
People who are supposed to get the Ontario Trillium Benefit in January 2024 should wait at least 10 more days before calling the CRA. You can visit the CRA’s website to find out more about the Ontario Trillium Benefit in January 2024.