This video explains the Ontario Trillium Benefit (OTB):

  • OTB came into effect in July 2012:

Ontario Trillium Benefit

Ontario Trillium Benefit

Ontario has a long-term poverty reduction plan called “Ontario’s Poverty Reduction Strategy” which:

  • focuses first on giving children and their families the support they need to achieve their full potential and to get ahead, because “an educated, healthy and employable workforce is critical to the economic future of this province”
  • has the target of reducing the number of children living in poverty by 25 per cent over 5 years

As a support of the “Ontario’s Poverty Reduction Strategy”, the Ontario Trillium Benefit (OTB) came into effect in July 2012.

The Ontario Trillium Benefit (OTB) combined, into one monthly payment, the following tax credits:

Before the Ontario Trillium Benefit was created, Ontario paid these three tax credits in quarterly payments.

If you were receiving any of the three tax credits that have been rolled into the new Ontario Trillium Benefit, your money came to you – by direct deposit or by mail – every month.

Starting July 2012, you were paid the Ontario Trillium Benefit monthly in 12 instalments:

  • that means you’re getting your money sooner and more frequently to help you manage your monthly bills, rather than having to wait until after you file your tax return next year

However, the Ontario Trillium Benefit delivery system has the following changes for next July in 2013:

  • with the increase in the annual threshold to $360 from $240:
    • it is estimated that almost one million more people will receive a lump-sum payment in July 2013
    • it also allows Ontarians to keep more of their money instead of paying it to companies that may have helped them file their taxes
      • these companies are paid through a percentage of the total tax return amount
  • Recipients entitled to more than $360 in benefits for the year will continue to receive monthly payments

Please click here to learn more about the Ontario Trillium Benefit.

You and your family could get money back by claiming a number of Ontario tax credits and benefits.

Please click on the following text to:

Ontario, Canada: Newsroom

NEWS RELEASE

Ontario Offering More Families Lump-Sum Payments

October 5, 2012

McGuinty Government Transforming Benefit Delivery System for Ontarians

Ontario is increasing the number of people who will receive one-time lump-sum payments under the Ontario Trillium Benefit.

The increased threshold to $360 from $240 a year means that more people will get their yearly benefit in a single payment, delivered each July. Recipients entitled to more than $360 in benefits for the year will continue to receive monthly payments.

The Ontario Trillium Benefit combines three credits for property tax, sales tax and energy costs into one convenient monthly payment. Ontarians now get their money sooner and on a predictable schedule, as bills are received, rather than having to wait until they file next year’s tax return.

It also allows Ontarians to keep more of their money instead of paying it to companies that may have helped them file their taxes. These companies are paid through a percentage of the total tax return amount.

The Ontario Trillium Benefit is part of the McGuinty government’s ongoing commitment to provide relief to Ontarians with modest incomes and supports the Poverty Reduction Strategy.

QUOTES

“The new level for single payments means more people will get their money once a year — giving them the choice of how to manage their expenses. Above that threshold, people will continue to get predictable and regular payments every month to help them make ends meet as the bills come in.”

 – Dwight Duncan
Minister of Finance

“All families have challenges from time-to-time in paying their bills, and waiting for a tax refund for an entire year can be much harder than having the money come once a month. The monthly Ontario Trillium Benefit helps families to budget. It’s money they can count on.”

 – Evelyn Jacks
Federal Task Force on Financial Literacy

QUICK FACTS

  • An estimated $580 million in tax credit entitlements have already been provided to over three million families and individuals, in advance of the 2013 tax season.
  • Before the Ontario Trillium Benefit was created in July 2012, Ontario paid the three tax credits in quarterly payments.
  • With the increase in the annual threshold to $360 from $240, it is estimated that almost one million more people will receive a lump-sum payment beginning next July.

CONTACT

For public inquiries call ServiceOntario, INFOline
at 1-866-532-3161 (Toll-free in Ontario only)

Ministry of Finance
ontario.ca/finance

————————————–—

You may also like:

Leave a Reply