Changes to the Ontario Tax Credits and Benefits payouts announced as part of the 2012 Ontario Budget take effect next month. Starting July 2012, payments of the Ontario Sales Tax Credit, Ontario Energy and Property Tax Credit, and Northern Ontario Energy Credit will be combined into a single benefit payment called the Ontario Trillium Benefit (OTB) and delivered on a monthly basis. To learn more about these various tax credits and see who is eligible, visit the Ontario government website.
In the past, these refundable tax credits were paid to Ontarians in one lump sum after filing of a tax return. Now, under the new OTB program, monthly instalments will include all three credits instead of a one-time payment.
The OTB was intended to help families receive more frequent payments in order to manage their monthly bills more effectively and was approved after consultations with not-for-profit poverty groups.
To be eligible, Ontarians must have filed a tax return by April 30, 2012 even if they did not earn an income or received social assistance.Visit the online calculator provided by the Ontario government to see what you can expect to receive over the next year.
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