Canada Revenue Agency offers various payment benefits which helps the low income and moderate income families financially. CRA also provides some payments on behalf of provinces. As CRA offers OTB Payments on the behalf of Ontario Province. This OTB includes three benefits payments such as OEPTC, NOEC, OSTC. These benefits provide financial relief to the low income families from the sales taxes, energy taxes, property taxes. In this post we will get to know the Eligibility conditions for Ontario Trillium Benefits. Also we will see when and how benefits are transferred to qualified individuals. Check the OTB Trillium Benefits Payment July 2024 with its monthly rates.
OTB Trillium Benefits Payment July 2024
Ontario Trillium Benefits includes the three benefit payments. The annual payments are divided by 12 and a monthly amount is issued. Beneficiaries also have the option to get this amount in lump sum. This Benefit reduces the financial burden as it provides financial relief from sales taxes, energy taxes and property taxes. This Ontario Trillium Benefit is given to the low earners and fixed income families. Let’s know more about this OTB Trillium Benefits Payment July 2024 with its suitability criteria and payout dates. Also we will find the monthly payment amounts which will be provided to qualified beneficiaries.
Ontario Trillium Benefits 2024- Overview
| Title | OTB Trillium Benefits Payment July 2024 |
| Year | 2024 |
| Month | July |
| Country | Canada |
| Government Agency Name | Canada Revenue Agency |
| Name of Payment | Ontario Trillium Benefit |
| OTB Trillium Benefits Eligibility 2024 | Low to Moderate Income citizens |
| Objective | Financial Aid |
| Frequency of Payment | Monthly |
| OTB Trillium Benefits Payment Dates 2024 | 10th of Every Month |
| Category | Finance |
| Official Web Portal | www.canada.ca |
OTB Trillium Benefits Eligibility 2024
Ontario Energy and Property Tax Credit, Northern Ontario Energy Credit and Ontario Sales Tax Credit are components of Ontario Trillium Benefits. The Suitability Criteria is different for each component of OTB. We will see each component Eligibility Criteria for 2024.
| Name of the Benefit | OTB Trillium Benefits Eligibility 2024 |
| Ontario Energy and Property Tax Credit | Must live in Ontario as of 31st December 2023.For the primary residence in Ontario, the rent or property tax must be paid by you for 2023.For the primary residence in Ontario, the home energy cost must be paid by you for 2023.Candidates must live in a designated college, private school or university in Ontario. If candidates live in a profit or non profit care home then the accommodation cost must be paid by you for 2023. |
| Northern Ontario Energy Credit | Recipients must have low income.Must live in Northern Ontario as of 31st December 2023.For the primary residence in Ontario, the home energy cost must be paid by you for 2023.If candidates live in a profit or non profit care home then the accommodation cost must be paid by you for 2023. |
| Ontario Sales Tax Credit | These are Earnings threshold OSTC based on tax return 2023: Individual StatusIncome Limit Credit will reduce by Single $27,7294% Married $34,6614% These are Earnings threshold OSTC based on tax return 2022: Individual StatusIncome LimitCredit will reduce by Single $26,5354% Married $33,1694% |
Ontario Trillium Benefits Payment Dates 2024
Ontario Trillium Benefits are paid on the 10th of every month. If on 10th weekend falls or statutory holiday falls then the payment is issued before 10th. This payment is issued on the last working day. The OTB will be issued on 10th July 2024 if beneficiaries’ return for 2023 is assessed by 20th June 2024. If the beneficiaries return for 2023 is assessed after 20th June 2024 then the payment will be issued after 4 to 8 weeks. The Payments for Ontario Trillium Benefit will be transferred by CRA via Direct Deposits or Cheques.
| Month | OTB Trillium Benefits Payment Dates 2024 |
| 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?
As we know distinct components of OTB. The candidate need not apply differently for each component. The main criteria for the application is that the candidate needs to file the tax returns. The Canada Revenue Agency will automatically collect the information from your tax returns and qualified citizens will get this OTB. Also the candidate can apply with help of Form ON- BEN. The authorities will send you notice for this benefit if they find you qualify.
FAQ Related To OTB Trillium Benefits Payment July 2024
If the annual Ontario Trillium Benefit is more than $360 then this payment can be made in lump sum.
Yes, By 31st December 2024, the beneficiaries have to choose this option to receive the payment in lump sum.
If the annual OTB is less than $2 then no payment will be made. If the annual OTB is between $2 and $10 then $10 will be made to you.
John Wick is a Media and Finance editor, passionate about writing and editing content related to finance and taxes. He has achieved dual degree in Mass Media and Finance From one of the top universities in the World. He is keen to learn new things and changes which take place in the world of Finance and stocks.