Updated on February 17, 2024
Learn about the upcoming Ontario Carbon Tax of $1,120 starting April 2024: Eligibility, Quarterly Payment Dates, and how the Canadian Government is revamping the payment system. Canadians can anticipate increased quarterly payments due to climate-related changes. Explore details on the $1,120 Ontario Carbon Tax and payment schedules in this article.
Beginning in April 2024, the Ontario Carbon Tax will be $1,120.
The Canada Carbon Rebate, also known as the Climate Action Incentive Payment, is the Federal Government’s way of returning carbon pollution pricing proceeds to families. In 2024, low-income households in Canada will receive a quarterly assistance of 280 CAD. The Federal Government has various initiatives to support those with low incomes, providing financial assistance to help with the cost of living.
In 2024, Ontario residents will receive a $1,120 Carbon Tax starting in April. This payment will be directly deposited into citizens’ bank accounts in January, April, July, and October, with each payment delivered on the 15th of the respective quarter. Eligible Ontario beneficiaries can expect their federal carbon tax assistance on April 15, 2024. The primary aim of this payment is to refund the proceeds collected through increased carbon pricing.
Who is Eligible?
To qualify for the $1,120 Ontario Carbon Tax assistance, individuals must meet the federal eligibility criteria for the Carbon Tax Rebate. This includes being a resident of Canada and having lived in Ontario since the start of the current quarter. Additionally, permanent Ontario residency is a prerequisite.
To qualify for the $1,120 Ontario Carbon Tax, individuals must be 19 years or older and have filed their income tax return with the Canada Revenue Agency. Eligibility extends to those with a spouse or common-law partner living with them. If someone recently moved to Canada, completing necessary paperwork is essential before gaining access to Carbon Tax rebate benefits. These federal eligibility criteria ensure that individuals meeting the requirements can receive their quarterly carbon tax assistance after filing their income tax returns.
Quarterly Payment Dates 2024
In 2024, recipients of the $1,120 Ontario Carbon Tax can expect quarterly payments on the following dates:
- January 15, 2024
- April 15, 2024
- July 15, 2024
- October 15, 2024
On these specific dates, eligible Ontario beneficiaries will receive their carbon tax payments directly deposited into their bank accounts.
Those ineligible for the $1,120 Ontario Carbon Tax in 2024 include non-Canadian citizens, individuals with a 90-day jail sentence, entry restrictions to Canada, holding a CSA, and those deceased on the initial payment day. The beneficiaries, set to receive 280 CAD per quarter, can leverage these benefits for additional cost of living assistance, aiding them in managing their various needs.
Implementing carbon pollution pricing effectively not only contributes to emissions reduction but also makes life more affordable for Canadians. These taxes offer extra support to low-income individuals, helping them navigate the challenges of rising inflation. In addition to the 280 CAD, rural Canadians can expect additional financial assistance layered on top of the base Canadian Carbon Rebate.
Every Canadian citizen is eligible for the $1,120 Ontario Carbon Tax and climate action incentive. To access these benefits, individuals need to submit a claim for each quarter. The Canadian Government has increased the federal amount to provide more support to low and moderate-income citizens. The additional payment amount varies depending on factors such as household size, income tax status, and specific essential criteria.