Thursday, January 20, 2022
Home Finance All you need to know about Ontario Trillium Benefit

All you need to know about Ontario Trillium Benefit

OTB is defined as the tax credit (totally refundable) to support low-income families paying taxes. It combines three main components of taxes into a single payment. The OTB payments will be based on your previous year’s return.

Eligibility for OTB

To get payment for any or all of the three credits, you must meet the eligibility criteria for the same. Check our site, and you can find the rules for the same.

If you are qualified for any tax credits, you are entitled to get the OTB.

Procedure for OTB Application

As we know, there are three components for OTB. To get the 2021 OTB, you should report your 2020’s return.

You need not apply for the 2021 OSTC. The CRA can use your previous year’s information on file taxes and determine if you are eligible.

Families need not apply for 2021 OSTC; it is the component paid to the person whose return is estimated first, whereas the OEPTC/NOEC is paid to the people who have completed the application form ON-BEN.

To continue receiving the payments, you have to file your return each year and follow the guidelines.

You can also use the Income Tax Calculator Ontario to calculate your tax depending on your province easily. You can find an all-in-one experience in Accufile. To add to the advantage, your refund is always higher when you use Accufile’s Accountants.

The energy and property tax credit (OEPTC)

They are planning to help out the middle-class people living in this province. It helps them with the sales as well as property taxes.

For applying for this year, you need the income tax for the past year and benefit return details.

The Northern Ontario energy credit (NOEC)

They plan to help low to moderate-income Northern Ontario citizens regarding the higher energy costs they face living there.

The application is similar to OEPTC.

Ontario sales tax credit (OSTC)

OSTC is one of the common settlements designed specifically for the middle-class citizens of Ontario, providing them relief from the sales tax.

Conclusion

Offering you the best online tax filing experience, Accufile helps Canadians all around to confidently believe in our firm. You can get the best experience and advantages through Accufile. Sign up, and our professionals will take care of the rest. We assist in all the areas related to tax filing, and you can use our 24-hour chat to clarify doubts related to the same.

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