Canada Revenue Agency provides a variety of payment benefits to help families with low and moderate incomes. CRA makes payments for provinces. As CRA provides OTB payments on behalf of Ontario Province. The OTB is comprised of three payments, namely OEPTC (Other Energy Tax Credit), NOEC (Northern Ontario Electricity Commission) and OSTC. These benefits offer financial relief for low-income families by reducing their sales tax, energy tax, and property tax. This post will explain the eligibility conditions for Ontario Trillium Benefits. We will also see how and when benefits are transferred to eligible individuals. Check out the Trillium Benefits August 2024 and its monthly rates.
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Trillium Benefits August 2024
Ontario Trillium Benefits include the three benefits payments. Divided by 12, the annual payments are converted into a monthly payment. The beneficiaries can also choose to receive this amount as a lump sum. This benefit reduces financial burden by providing financial relief from property tax, sales taxes, and energy taxes. The Ontario Trillium benefit is for low-income families and those on fixed incomes. Learn more about OTB Trillium Benefits August 2024, its eligibility criteria, and payment dates. We will also find out the monthly payments that will be given to eligible beneficiaries.
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Ontario Trillium Benefits 2024- Overview
| Title | Trillium Benefits August 2024 |
| Year | 2024 |
| Month | August |
| Country | Canada |
| Government Agency Name | Canada Revenue Agency |
| Name of Payment | Ontario Trillium Benefit |
| OTB Trillium Benefits 2024 Eligibility | Low-to-Modest Income Citizens |
| Payment Frequency | Monthly |
| Dates of Payment for OTB Trillium Benefits in 2024 | The 10th day of every month |
| Categories | Finance |
| Official Web Portal | www.canada.ca |
Trillium Benefits for OTB Eligibility in 2024
Ontario Trillium Benefits include the Ontario Energy and Property Tax Credit (OEPT), Northern Ontario Energy Credit, and Ontario Sales Tax Credit. Each component of OTB has its own set of criteria for suitability. Each component will be evaluated in 2024.
| Benefit Name | Trillium Benefits for OTB Eligibility in 2024 |
| Ontario Energy and Property Tax Credit | Candidates must reside in an Ontario college, university, or private school. Candidates who live in profit or non-profit care homes must pay the accommodation costs for 2023. |
| Northern Ontario Energy Credit | You must pay the cost of home energy in Ontario for your primary residence as of December 31, 2023. If you live in an Ontario care home, you must also pay the cost for accommodation in 2023. |
| Ontario Sales Tax Credit | The OSTC thresholds for 2023 are based on the tax return. Individual Income Limit Credit will be reduced by Single $27.7294% Married $34,6614% The OSTC thresholds for 2022 are based on the tax return. Individual Income LimitCredit will be reduced by Single 26.53544% Married $33,1694% |
Ontario Trillium Benefits Payment Dates 2024
Ontario Trillium Benefits will be paid out on the 10th day of each month. The payment will be made before the 10th if there is a weekend or statutory holiday on that day. The payment is made on the last day of work. If the beneficiaries’ 2023 return is assessed before 20th June 2024, then the OTB will be released on 10th of August 2024. If the 2023 beneficiaries’ return is assessed after the 20th of June 2024, the payment will take 4-8 weeks. The payments for the Ontario Trillium benefit will be transferred to you by CRA through Direct Deposits or Checks.
| Month | Dates for Payment of OTB Trillium Benefits in 2024 |
| January | 10th |
| February | 9th |
| March | 8th |
| April | 10th |
| May | 10th |
| June | 10th |
| August | 10th |
| August | 9th |
| September | 10th |
| October | 10th |
| November | 8th |
| December | 10th |
How to apply for Ontario Trillium Benefits in August 2024?
We know that OTB has distinct components. Candidates do not need to apply separately for each component. The candidate must file a tax return as the main criterion. Canada Revenue Agency will automatically collect information from your tax return and eligible citizens will receive this OTB. The candidate can also apply using the Form ON-BEN. If you are eligible, the authorities will notify you.
FAQs related to OTB Trillium Benefits payment August 2024
Can OTB Trillium Benefits be paid in one payment?
The Ontario Trillium benefit can be paid in a lump sum if it exceeds $360.
What is the due date for OBT?
If you choose to receive your payment as a lump sum, then the beneficiary must select this option by 31st December 2024.
What is the minimum OTB payment amount?
If the OTB annual is less than $2, then there will be no payment. If your annual OTB falls between $2 and $10, you will receive $10.
