Check out the details about Ontario Trillium Benefit January 2024: Coming on January 9, Are you Getting it? from this article. Different details regarding Ontario Trillium Benefit January 2024: Coming on January 9, Are you Getting it? and other important things are available in this article.
Ontario Trillium Benefit January 2024
Ontario Trillium Benefit (OTB) is paid to eligible households in the province to help them with their energy costs, & sales and property tax. This significant benefit consists of three benefits – Ontario Sales Tax Credit, Ontario Energy and Property Tax Credit, and Northern Ontario Energy Credit.
The payments of OTB are issued by the Canada Revenue Agency. The payments are usually issued on the 10th of each month. The next Ontario Trillium Benefit is scheduled to be sent in the month of January 2024.
OTB January 2024
|OSTC, OEPTC, and NOEC
|Payments Administered by
|Next Payment Dates
|February 9, 2023.
|For more information
Ontario Trillium Benefit Coming on Nov 10
As mentioned, CRA issues the OTB payments on the 10th of each month unless the 10th is a holiday. Therefore, the Ontario Trillium Benefit will come on November 10. If someone receives the income tax credits through the direct deposit method, the Ontario Trillium Benefit will also be sent via direct deposit.
In contrast, if the taxpayers receive the income tax credits through cheques, the Ontario Trillium Benefit will also be sent via cheque. Please note that the payments sent using the mail, i.e., cheques, usually take more time to be delivered.
This is why many people choose the direct deposit method to get their payments faster. People can set up a direct deposit method by providing their banking information to the CRA either by using the My Account or MyCRA application or by phone.
The CRA divides the annual OTB Payment (determined on the basis of information on the Income tax Return) and issues the payments in 12 installments. For the current year, the 2022 tax returns will be considered while determining the exact OTB Payments. The current benefit year is from July 2023 to June 2024.
Are you Getting the Ontario Trillium Benefit?
According to the eligibility criteria of the Ontario Trillium Benefit, the individuals should be eligible for any one of the following – Ontario Sales Tax Credit, Northern Ontario Energy Credit, or Ontario Energy and Property Tax Credit.
Each of these credits has a different eligibility criteria and credit amount. If someone is eligible for at least one of these, they should be getting the Ontario Trillium Benefit.
In order to get the OTB payments, the individuals should file their 2022 income tax and benefit return. OTB is not a part of income tax assessment. This means that people don’t have to calculate how much they will get from the OTB payment.
The CRA Calculates the benefit amount on the basis of the information available on the income tax return. However, people can get an estimate of how much they can get from the Ontario Trillium Benefit by using the child and family benefit calculator provided by the CRA.
Ontario Trillium Benefit Amount
The benefit amount depends on various factors, including residence, family size, age, income, etc.
For 2023, if someone qualifies for –
- more than 360 dollars, they can choose between – monthly payments and a single payment
- If someone is entitled to get less than 360 dollars, they will get a single payment.
- If someone is entitled to get more than 2 dollars but less than 10 dollars, it will be increased to 10 dollars.
- If someone is entitled to get less than 2 dollars, they won’t receive payment.
If someone doesn’t get the payment or receives less than expected, they should contact the CRA.
How to Apply for Ontario Trillium Benefit?
As we know, the OTB is made up of 3 main components – OSTC, OEPTC, and NOEC. People don’t have to apply for the OSTC component as the CRA assesses eligibility and entitlement based on the returns.
However, for the remaining 2 components, people have to fill the Form ON‑BEN. To keep getting the Ontario Trillium Benefit, people have to file their returns (each year) regularly.
If someone has not received the Ontario Trillium Benefit in January 2024, they should wait for at least 10 more days before contacting the CRA. To learn more about the Ontario Trillium Benefit in January 2024, check the CRA’s website.