The Trillium Payment Dates for 2023 are crucial for low-income and moderate-income families in Ontario. This program helps with energy and tax costs. Here’s all you need to know:
5 Important Aspects of Trillium Payments in 2023
- Payment Dates: The Trillium Payment occurs on the 10th day of each month, except on weekends or holidays. In such cases, the last business day before the 10th is the payment date.
- Upcoming Payments: The next Trillium benefit installments for 2023 are expected on October 10, November 10, and December 8.
- Payment Options: You can choose to receive your Ontario Trillium Benefit (OTB) payment via direct deposit or check for a quick and on-time delivery.
- What is Trillium Payment 2023: The Ontario Trillium Benefit (OTB) is a monthly payment from the Ontario government designed to assist low- to moderate-income households with tax and energy expenses.
- Trillium Payment Amount 2023: The maximum benefit amount depends on various factors, such as age and living situation. For instance, individuals aged 18-64 can receive up to $1,194, while those living in public long-term care homes may get $265.
Now, let’s explore the details of the Trillium Payment, its schedule, and how to apply for this valuable benefit:
What is Trillium Payment 2023?
The Ontario Trillium Benefit (OTB) is a monthly financial support program offered by the Ontario government to help low- and moderate-income households cover their taxes and energy costs. It’s not a loan and must be applied for.
Trillium Payment Dates
The OTB combines various tax credits, including energy credits, sales tax credits, and energy and property tax credits. It aims to alleviate energy costs, certain property taxes, and sales tax exemptions. The benefit amount can range from $172 for a single person to $265 for families.
Trillium Payment Dates Overview 2023:
- Responsible Agency: Canada Revenue Agency
- Location: Ontario, Canada
- Aim: To assist medium-low-income families with their taxes.
- Trillium Payment Dates: 10th of every month in a fiscal year (FY)
- CRA Online Portal: https://www.canada.ca/en/revenue-agency.html
Trillium Payment Amount 2023:
The maximum OTB for adults and children in 2023/2024 is $345. However, this amount is reduced by 4% of your adjusted household net income, depending on your situation.
Trillium Payment Lump Sum 2023:
If your annual payment is less than $360, you will receive the total amount in July. For payments exceeding $360, you can choose to receive monthly payments or a lump-sum payment at the end of the benefit year. The request for a lump-sum payment must be made by December 23, 2023.
Trillium Payment Schedule 2023:
Trillium Payments are made on the 10th of each month from July to June of the following year. Filing your taxes on time is essential to receive these benefits.
How to Apply for Trillium Payment Benefits 2023:
To be eligible for OTB, you need to submit an ON-BEN Application Form with your income tax return. The assessment for OTB eligibility is automatic when you file your income tax and benefit return on time.
You will receive your OTB payment on December 8, 2023, via direct deposit into your registered bank account.
Your OTB allowance is the total of your three OTB entitlements. You can calculate your expected annual benefit using the CRA Family Benefit Calculator.