It’s not everyday that you come across a pleasant surprise in your bank account, but millions of Ontarians may be in for a treat this week!
The Ontario Trillium Benefit (OTB) is being distributed this week, so if you log into your bank account this Wednesday, June 10, and you might just spot a fresh deposit waiting for you. The benefit was designed to help millions of eligible residents offset everything from soaring energy bills to sales and property taxes across the province.
The Ontario Trillium Benefit is largely focused around three main provincial credits that are bundled into one convenient package. The Ontario Sales Tax Credit heads deep into helping low-to-middle-income families manage daily costs, while the Ontario Energy and Property Tax Credit provides relief for the price of keeping your home running.
For those who live up north, the Northern Ontario Energy Credit is also built into the benefit to help offset the uniquely high heating costs of a colder climate.
How much can you expect?
If you’re a single resident between the ages of 18 and 64, you can qualify for up to $1,307 through the energy and property component alone, while seniors over 65 can grab up to $1,488. To save some extra cash on day-to-day spending, the sales tax credit can add an extra $378 per adult and child to your yearly total.
If you’re eager to see that cash hit your account this week, you must have already filed your tax return. Those with direct deposit can get their money without waiting for a physical cheque. The government automatically calculates what you’re owed based on your filing; just remember to keep your banking info up to date with the CRA.
You can learn more about the Ontario Trillium Benefit here.
