Ontario Trillium Benefit (OTB) is a tax benefit available for Ontario residents to help with the cost of living expenses. The OTB consists of three components: the Ontario Energy and Property Tax Credit (OEPTC), the Northern Ontario Energy Credit (NOEC), and the Ontario Sales Tax Credit (OSTC). In this blog post, we will go through everything you need to know about the Ontario Trillium Benefit, including eligibility, how to apply, and how to maximize your benefit.
Eligibility
To be eligible for the OTB, you must be a resident of Ontario on December 31st of the previous year and meet one of the following conditions:
- Be 18 years of age or older
- Have or previously had a spouse or common-law partner
- Have or previously had custody of a child
In addition, you must have filed your tax return for the previous year and have a total family income of $35,000 or less. Your family income is the combined income of you and your spouse or common-law partner, if applicable.
How to Apply
If you are eligible for the OTB, you will automatically be assessed for the benefit when you file your tax return. However, if you have not received the OTB and believe you are eligible, you can apply through the Canada Revenue Agency (CRA) by filling out the ON-BEN form. This form can be obtained from the CRA website or by calling the CRA directly.
Maximizing Your Benefit
There are several ways you can maximize your OTB benefit:
- Keep your information up to date: Make sure your address and personal information are up to date with the CRA to ensure you receive your benefit.
- File your tax return on time: You must file your tax return on time to be eligible for the OTB. Filing your tax return late could result in a delay in receiving your benefit.
- Apply for the GST/HST credit: If you are eligible for the OTB, you are also eligible for the Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit. Make sure you apply for this credit as well to maximize your benefits.
- Claim all eligible credits: There are several other tax credits available for Ontario residents, such as the Ontario Senior Homeowners’ Property Tax Grant and the Ontario Child Benefit. Make sure you claim all eligible credits to maximize your benefits.
In conclusion, the Ontario Trillium Benefit is a tax benefit available for Ontario residents to help with the cost of living expenses. To be eligible, you must be an Ontario resident, file your tax return on time, and have a total family income of $35,000 or less. If you are eligible, you will automatically be assessed for the benefit when you file your tax return. To maximize your benefit, make sure your information is up to date, apply for the GST/HST credit, and claim all eligible credits.