Canada Revenue Agency (CRA) offers various payment benefits to help low and moderate-income families financially. CRA also provides some payments on behalf of provinces, such as the Ontario Trillium Benefit (OTB). The OTB includes three benefits: Ontario Energy and Property Tax Credit (OEPTC), Northern Ontario Energy Credit (NOEC), and Ontario Sales Tax Credit (OSTC). These benefits provide financial relief to low-income families from sales taxes, energy taxes, and property taxes. In this post, we will explore the eligibility conditions for Ontario Trillium Benefits Payment July 2024, when and how benefits are transferred, and the payment amounts for July 2024.
Ontario Trillium Benefits Payment July 2024
The Ontario Trillium Benefits (OTB) for 2024 include three benefit payments. These annual payments are divided into 12 monthly amounts, though beneficiaries can also choose to receive a lump sum. The OTB helps reduce financial burdens by providing relief from sales taxes, energy taxes, and property taxes. This benefit is given to low earners and fixed-income families. Let’s dive into the eligibility criteria, payment dates, and monthly amounts for the Ontario Trillium Benefits Payment July 2024.
Overview of Ontario Trillium Benefits 2024
- Title: Ontario Trillium Benefits Payment July 2024
- Year: 2024
- Month: July
- Country: Canada
- Government Agency Name: Canada Revenue Agency
- Name of Payment: Ontario Trillium Benefit
- Eligibility: Low to Moderate Income Citizens
- Objective: Financial Aid
- Frequency of Payment: Monthly
- Payment Dates: 10th of Every Month
- Category: Finance
- Official Web Portal: www.canada.ca
Eligibility Criteria for Ontario Trillium Benefits 2024
Ontario Trillium Benefits are divided into three components, each with its own eligibility criteria.
Ontario Energy and Property Tax Credit (OEPTC)
- Must live in Ontario as of December 31, 2023.
- For the primary residence in Ontario, rent or property tax must be paid for 2023.
- For the primary residence in Ontario, home energy costs must be paid for 2023.
- Candidates must live in a designated college, private school, or university in Ontario. If living in a profit or non-profit care home, accommodation costs must be paid for 2023.
Northern Ontario Energy Credit (NOEC)
- Must have low income.
- Must live in Northern Ontario as of December 31, 2023.
- For the primary residence in Ontario, home energy costs must be paid for 2023.
- If living in a profit or non-profit care home, accommodation costs must be paid for 2023.
Ontario Sales Tax Credit (OSTC)
- Income thresholds based on 2023 tax return:
- Single: Income limit of $27,729, with credit reducing by 4%.
- Married: Income limit of $34,661, with credit reducing by 4%.
- Income thresholds based on 2022 tax return:
- Single: Income limit of $26,535, with credit reducing by 4%.
- Married: Income limit of $33,169, with credit reducing by 4%.
Ontario Trillium Benefits Payment Dates 2024
Ontario Trillium Benefits are paid on the 10th of every month. If the 10th falls on a weekend or statutory holiday, the payment is issued on the last working day before the 10th. The payment for July 2024 will be issued on July 10, 2024, if the beneficiary’s 2023 tax return is assessed by June 20, 2024. If assessed after June 20, 2024, the payment will be issued 4 to 8 weeks later. Payments are transferred by CRA via direct deposit or cheques.
| Month | Payment Date |
|---|---|
| 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 Ontario Trillium Benefits Payment July 2024
To apply for the Ontario Trillium Benefits, you do not need to apply separately for each component. The main requirement is to file your tax returns. The CRA will automatically collect information from your tax returns, and eligible citizens will receive the OTB. You can also apply with the help of Form ON-BEN. If the authorities find you qualify, they will send you a notice about this benefit.
FAQ’s
Can I receive OTB Trillium Benefits in one payment?
Yes, if the annual Ontario Trillium Benefit is more than $360, you can choose to receive it in a lump sum.
Is there any due date to get OTB in one payment?
Yes, you must choose this option by December 31, 2024, to receive the payment in a lump sum.
What is the minimum OTB Payment amount?
If the annual OTB is less than $2, no payment will be made. If the annual OTB is between $2 and $10, a $10 payment will be made.