Friday, September 24, 2021

Everything you need to know about Ontario Trillium Benefit

The price of everyday essentials is rising gradually in Ontario, and the cost of living is much high in this province. Although Ontario residents have found an increase in income, it is not easy to manage the costs of necessities, like groceries, childcare, and housing. That is why the government in Ontario has taken the initiative to help residents by introducing Ontario Trillium Benefit. Several households with moderate to low incomes will get benefits while paying for sales, tax, property tax, and utility services. As a resident in Ontario, you have to learn more about OTB to get a tax-free benefit.

Know about OTB

OTB refers to the refundable tax credit helping you to pay for different taxes. It combines different credits, including-

  • Northern Ontario Energy Credit
  • Ontario Sales Tax Credit
  • Ontario Property Tax and Energy Credit

However, to get the benefit, you have to qualify for any of these 3 credits.

The Province will fund the credits, and the Canada Revenue Agency will administer it.

Northern Ontario Energy Credit

The energy costs are higher for moderate and low-income residents in Ontario. To be eligible for the NOEC, you have to reside in Northern Ontario. Moreover, your age must not be less than 18 years. Other criteria are as follows, and you have to fulfill any of them.

  • You must have a spouse/ common-law partner.
  • A parent living with your child
  • You paid property tax and rent on the previous year
  • You have been in a Northern Ontario care home for a long-term period.

 Credit for Ontario Property Tax and Energy

The tax-free solution is intended for several residents in Ontario. It also covers those who lived in a college, university, and any school residence in the past year.

Ontario Sales Tax Credit

To avail of this credit, your minimum age limit is 19 years. Moreover, you need to have a spouse in the Province. You would also be eligible when you had previously a spouse in Ontario.

How will you get the OTB?

You can use GST Netfile for filing your tax return and claiming the OTB. You may also do it, although you have no income.

You have to fill in the Form ON-BEN. When you have not submitted it with the tax return, you can claim an adjustment.

You can appeal for OTB every year. Based on your household income, you have to check the eligibility.

How much amount will you receive from OTB?

You have to calculate the amount based on your eligibility for OEPTC, NOEC, and OSTC. You may use the tax credit calculator to know the estimate. The amount will vary with-

  • Income
  • Age
  • Residence
  • The amount of property tax paid
  • Family size

With the NOEC, you will get credits of up to $243. Similarly, in case of Sales Tax Credit, it can be about $316 for every child and adult in your family

Now, you can try to know your eligibility for OTB. The CRA splits the amount into 12 payments.

Related Articles

Ways to Hire an Engineering Consulting Firm That is reliable

A professional engineer is a must-have when building a new structure. Trying to build a new structure without consulting a professional engineer could cause...

Reasons Why Health Retreats are So Good For You

As opposed to a guilt-causing vacation spent overindulging, choose a luxury health and wellness hideaway and give your body the best present it's had...

Benefits of Hiring a Professional Locksmith Services

Whenever you think about a locksmith, the first thing that comes to your mind is obtaining fixed in an emergency, such as being shut...

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Ways to Hire an Engineering Consulting Firm That is reliable

A professional engineer is a must-have when building a new structure. Trying to build a new structure without consulting a professional engineer could cause...

Reasons Why Health Retreats are So Good For You

As opposed to a guilt-causing vacation spent overindulging, choose a luxury health and wellness hideaway and give your body the best present it's had...

Benefits of Hiring a Professional Locksmith Services

Whenever you think about a locksmith, the first thing that comes to your mind is obtaining fixed in an emergency, such as being shut...

How to play Fantasy Kabaddi on BalleBaazi

What Game of Idea? In basic terms, fairy tales are games based on online predictions. A couple of years earlier, we never ever assumed we...

FABRICATED YARD FOR TENNIS COURT

Tennis is a special sporting activity that needs extremely high flexibility as well as strong reflexes at the same time. Just a couple of...