The Ontario Trillium Benefit (OTB) is a financial support program that combines three tax credits to help lower-income families and individuals in Ontario with their property taxes, energy costs, and sales taxes. Here’s what you need to know about the maximum income required to qualify for the OTB in 2024 and the payment dates.
Table of Contents
Maximum Income to Qualify
Eligibility for the Ontario Trillium Benefit is determined based on your household income, number of children, and whether you are renting or own your home. The specific income thresholds can vary, but generally:
- For Singles with No Dependents: The maximum income to qualify typically ranges around $38,500 to $44,500, depending on the specific tax credits you are eligible for.
- For Families and Individuals with Dependents: The income threshold increases, allowing for a higher qualifying income. For families, the maximum income can be around $44,500 to $60,000 or more, again depending on eligibility for different components of the OTB.
These figures are approximate, and the exact income limit may vary based on other factors like property taxes, energy costs, and rent paid.
How to Get the Ontario Trillium Benefit
To receive the benefit, you must file your personal Income Tax and Benefit Return and complete the ON-BEN Application Form. The Canada Revenue Agency will determine your eligibility and notify you if you are entitled to receive the credit.
The Ontario Trillium Benefit (OTB) is a financial support program that combines three tax credits to help lower-income families and individuals in Ontario with their property taxes, energy costs, and sales taxes. Here’s what you need to know about the maximum income required to qualify for the OTB in 2024 and the payment dates.
ODSP Payment Dates 2024: When Does it come out & Amount Per Person?Child Benefit Ontario 2024: Eligibility, Amount & Payment Dates
ODSP Hidden Benefits: Know What Common Disabilities Qualify for ODSP Extra Hidden Benefits
Ontario Child Care Gets a Makeover: Lower Fees and New Funding Formula
Ontario Staycation Tax Credit 2024: What Is It, Who Is Eligible, & How to Claim?
OTB Payment Dates for 2024
The Ontario Trillium Benefit is paid out on a monthly basis or as a lump sum, depending on the amount you qualify for and your preference when filing your tax return. For 2024, the monthly payment dates are as follows:
- January 10, 2024
- February 10, 2024
- March 10, 2024
- April 10, 2024
- May 10, 2024
- June 10, 2024
- July 10, 2024
- August 10, 2024
- September 10, 2024
- October 10, 2024
- November 10, 2024
- December 10, 2024
The Ontario Trillium Benefit is a valuable resource for Ontario residents to help offset costs related to property taxes, energy bills, and sales tax. To qualify, your household income must fall below the specified thresholds, which vary based on your living situation and dependents. Payments are made monthly, ensuring consistent support throughout the year. Be sure to review your eligibility and income levels when filing your taxes to maximize your benefits.
HomePage: SOSCIP
18 thoughts on “Ontario Trillium Benefit 2024: Maximum Income Needed to Qualify & Payment Dates”