2024 Trillium OTB Lump Sum Payment Dates and Schedule

Updated on January 22, 2024

If you provide me with the details or specific information you’re looking for regarding Trillium Payment Dates in 2024, I’ll do my best to help based on the information available up to my last training cut-off.

Trillium Payment Dates 2024

The Trillium benefit amount is a program in Ontario designed to help low and moderate-income families cover energy and tax costs. Trillium Payment Dates in 2024 usually fall on the tenth day of each month, unless it lands on a weekend or legislative holiday. In such cases, the last business day before the tenth becomes the OTB payment date.

The upcoming Trillium benefit installments are expected on October 10, November 10, and December 8, 2023. You can choose to receive your OTB payment through direct deposit or by check for a swift and punctual distribution of the benefit amount. For more information on Trillium Payment Dates in 2024 and related details, you can explore the content of this article.

What is Trillium Payment 2024?

The Ontario Trillium Benefit (OTB) stands out as a key benefit program open to residents of Ontario, offering monthly payments from the provincial government. Geared towards aiding low to moderate-income households, the OTB helps cover taxes and energy costs in Ontario. To avail of this benefit, an application is necessary, emphasizing that it’s not a personal loan but rather a support initiative.

See also  2024 JR Pass Price Hike: Anticipated Increase and Maximizing Benefits

The Ontario Trillium Benefit consolidates various credits, including energy, sales tax, and property tax credits. This comprehensive benefit aims to cover energy expenses, certain property taxes, and provide exemptions for sales tax. Families stand to receive a maximum of $265, while individuals can receive up to $172 through this program.

Trillium Payment Dates Overview 2024

Article Name Trillium Payment Dates 2024
Responsible Agency Canada Revenue Agency
Place Ontario, Canada
Aim To provide medium-low income families cover their taxes.
Triilium Payment Dates 10th of every month in a FY
CRA Online Portal https://www.canada.ca/en/revenue-agency.html

Trillium Payment Amount 2024

For the 2023/2024 period, the combined maximum for both adults and children under the Ontario Sales Tax Credit (OSTC) is $345. The benefit amount is reduced by 4% of your adjusted household net income, with the threshold set at $26,535 for single adults without children and $33,169 for parents.

To determine the potential maximum credit you may receive, refer to the table below, which outlines the criteria for eligibility and corresponding amounts.

Criteria Maximum Trillium Credit Amount
18-64 years old $1,194
65-65+ old $1,360
Living in a Public Long-term care home $265
Students living in designated academic institutions $25

You can use your Ontario Trillium Benefit (OTB) to clear any outstanding debt you may have with the Canada Revenue Agency (CRA) for overdue taxes or other benefits. If there’s any remaining amount after settling the debt, it will be issued to you.

Trillium Payment Lump Sum 2024

The benefit year is determined by the data from your previous year’s personal income tax return and spans from July of one year to June 30 of the following year for recipients of the three tax credits integrated into the Ontario Trillium Benefit. If your payment is below $360, you’ll receive the total amount in July.

See also  2024 NZ Rent Surge: Latest Rules and Maximum Increase Revealed!

For amounts exceeding $360, you have the option to receive monthly OTB payments or opt for a single lump-sum payment at the end of the OTB payment period. Instead of receiving the benefit in 12 monthly installments, you can choose to receive one substantial payment. This request must be submitted by December 23, 2023.

Trillium Payment Payment Schedule 2024

Trillium Payments are distributed on the 10th day of each month, spanning from July to June of the subsequent year. It is crucial for prospective beneficiaries to ensure timely filing of their taxes in order to avail themselves of the benefits offered by the scheme.

To view the entire Trillium Payment Schedule for the remaining duration of 2023-24 payments, please refer to the table below:

Month Expected Payment
October, 2023 10th
November, 2023 10th
December, 2023 8th
January, 2024 10th
February, 2024 9th
March, 2024 8th
April, 2024 10th
May, 2024 10th
June, 2024 10th

If you haven’t received your payments on designated OTB payment dates, it’s important to refrain from calling the CRA by phone for a period of 10 days.

How to Apply for Trillium Payment Benefits 2024?

To be considered for the Ontario Trillium Benefit (OTB), it’s crucial to submit the ON-BEN Application Form, which is included in your tax return package, along with your personal Income Tax and Benefit Return annually. By submitting your income tax and benefit return, you will automatically undergo assessment for OTB eligibility.

Therefore, to qualify for the OTB, it is essential to submit your tax return for the previous year on time. If you file your taxes after the April 30 deadline, your OTB payment may be delayed. It’s worth noting that the sums received through Trillium benefits payments are not subject to taxation.

See also  Canada's Disability Benefit Set for 2024 Launch as Government Clears Agenda: Greens Press

FAQ

December 2024 OTB Payment Date

Your OTB payment for December 2024 will be directly transferred to your registered bank account on the 8th. Typically, OTB benefits are received on the 10th of each month.

What is my OTB allowance?

Your combined OTB entitlements form your total OTB amount. To estimate your annual benefit, utilize the CRA Family Benefit Calculator.

Thank you for visiting our portal and exploring information on Ontario Trillium Payment Benefits. If you’re keen on more tax-related articles, our portal is the ideal destination for you.

 

Leave a Comment