Trillium Payment Schedule 2024: Key Dates for OTB Payments in the New Year

Updated on January 4, 2024

We highly encourage you to stay connected and delve into this post to obtain comprehensive information on OTB Payment Dates 2024: When Trillium Payment is Scheduled for 2024? All the Details Inside.

OTB Payment Dates 2024

In Ontario, the increasing cost of living poses a challenge. While household income has seen an uptick, it hasn’t kept pace with the escalating costs of essential necessities such as groceries, housing, and child care. To support individuals with low-to-moderate incomes, the provincial government introduced the Ontario Trillium Benefit.

A considerable number of people across the country eagerly await the OTB Benefits payment dates, as they provide crucial support to a significant portion of the population. The payment is calculated based on the income tax from the previous year. The post below offers details on OTB Payment Dates 2024, including payment mode, eligibility, and other relevant information.

Understanding OTB Payments

The Ontario Trillium Benefit (OTB) is a refundable tax credit designed to aid low-income families. It provides assistance for covering expenses related to property taxes, sales taxes, and energy bills for households with lower incomes.

The benefit comprises the Ontario Sales Tax Credit, the Northern Ontario Energy Credit, and the Ontario Energy and Property Tax Credit. To be eligible for this assistance, individuals need to fill out and submit the ON-BEN application form along with their tax return.

OTB Payment Dates Overview

Trillium Payment Schedule 2024: Key Dates to Anticipate

The amount of OTB you receive each year is determined by your income tax and benefit return from the previous year. The Canada Revenue Agency (CRA) typically issues it in twelve monthly installments, distributed on the tenth day of each month.

The Ontario Trillium Benefit for 2024 is issued on the tenth day of each month. Additionally, if the 10th falls on a weekend or official holiday, the OTB payment is made on the last working day just before that date.

Refer to the table below for comprehensive information on the OTB Payment Dates in 2024.

If your 2024 OTB annual entitlement is $360 or less, you are eligible for a single lump-sum payment in the initial payment month, typically in July.

OTB Payments Amount 2024

Discover your total earnings from the OTB, including the amounts allocated for the OSTC, OEPTC, and NOEC. You can calculate your entitlement using Ontario’s Tax Credit Calculator or the Child and Family Benefits Calculator.

Payments under the $1360 OTB can be made online. If recipients do not have a bank account, they will receive the money via a paper check. Otherwise, the payment will be directly deposited into the recipients’ bank accounts.

Receiving OTB Payments in 2024: A Guide

To ensure your income tax and benefit return is considered for the OTB, it must be submitted. Completing the OEPTC and NOEC application form is mandatory when filing your return. There is no need for a separate application for the OSTC; the CRA will assess your eligibility using the information from your tax return.

To continue receiving the benefit, it is necessary to file a tax return each year, regardless of whether you have any income to declare. Filing your taxes on time is also advisable to prevent payment delays.

For additional information on the Ontario Trillium Benefit and other benefits administered by the federal government in Ontario, you can visit the Canada Revenue Agency website or contact them at 1-877-627-6645.

We sincerely appreciate your time in reading this post on the Ontario Trillium Benefit through our portal.