Ontario Trillium Benefit payments for October go out soon — Here's how much you can get
October has arrived, bringing another round of government benefits and credits for Ontario residents. If you live in Ontario, the next Ontario Trillium Benefit payment could be hitting your bank account shortly.
The Ontario Trillium Benefit (OTB) offers financial support to low- and moderate-income households in the province, helping with things like energy costs and property taxes. Now's the perfect time to check your OTB eligibility, as you could be entitled to receive hundreds of dollars depending on factors such as your income, age and family size.
Here's everything you need to know about the October 2024 Ontario Trillium Benefit payment and how much money you could be entitled to.
What is the Ontario Trillium Benefit?
The OTB is a tax-free monthly payment aimed at helping Ontario residents manage costs like energy bills, sales tax and property taxes.
It combines three different credits: the Ontario Energy and Property Tax Credit, the Ontario Sales Tax Credit and the Northern Ontario Energy Credit.
If you're eligible for at least one of these credits, you're all set to receive the Ontario Trillium Benefit.
Who is eligible for the Ontario Trillium Benefit?
To receive the OTB, you must have filed your 2023 tax return — even if you had no income. Your eligibility is based on the details you provided to the CRA when filing your taxes, including your income.
Even if you missed the April 30 tax deadline, it's still important to file your return as soon as possible so that you don't miss out on payments.
If you're married or in a common-law relationship, your benefit payments may depend on how you and your partner filed your taxes. Also, if you turn 18 before June 2025, make sure you've filed your 2023 return to start receiving payments once you're eligible.
How much can you receive from the Ontario Trillium Benefit?
The amount you receive depends on factors like your income, age, and family size. It also depends on how much rent or property tax you pay.
Here's a breakdown of what you could get:
- Northern Ontario Energy Credit: Up to $180 for singles or $277 for families.
- Ontario Energy and Property Tax Credit: Up to $1,248 if you're between 18 and 64 years old or $1,421 if you're 65 or older.
- Ontario Sales Tax Credit: Up to $360 each for you, your spouse and any dependent children.
Your OTB payment is based on your eligibility for one or more of these credits, divided by 12 into monthly installments.
When do Ontario Trillium Benefit payments go out?
The next OTB payment is scheduled for October 10, 2024. Typically, payments go out on the 10th of each month unless it falls on a weekend or holiday, in which case they go out on the previous business day.
Here are the remaining payment dates for 2024:
- November 8, 2024
- December 10, 2024
However, if your total OTB entitlement for the year is $360 or less, you would have received the full amount as a lump-sum payment in July.
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