The Best No Foreign Transaction Fee Credit Cards Canada 2021
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If you’ve recently moved out of your parents’ home, you’ve probably come to realize very quickly just how expensive it can be. There are so many costs to cover, such as groceries, utility bills, mortgage or rent payments, and property taxes, all of which can rapidly drain your bank account and cause financial hardship.
The cost of living is exceptionally high in Ontario, home to some of Canada’s most expensive cities. To help Ontario residents manage the soaring living costs, the provincial government offers the Ontario Trillium Benefit (OTB).
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The OTB is a refundable tax credit designed to provide financial relief for low-to-moderate-income Ontarians. It aims to offset some of the living costs homeowners face, such as utility bills and property taxes. The benefit is a combination of the following three credits:
To qualify for the OTB, you need to be eligible to receive at least one of these three credits.
The Northern Ontario Energy Credit is a tax-free payment that assists Northern Ontarians with the high energy costs they contend with living in the north. To be eligible for this credit, you must be a resident of Northern Ontario and fall into at least one of the following categories:
Also, you must have paid for either:
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The Ontario Energy and Property Tax Credit is a tax-free payment that helps Ontario residents cover their property taxes and the sales tax on their energy costs. To be eligible for this credit, you must fall into at least one of the following categories:
Also, you must have paid for either:
You also qualify if you lived in a post-secondary school residence in the previous year.
Check out how much you may need to pay for Canadian provincial land transfer tax.
The Ontario Sales Tax Credit is a tax-free payment designed to offset a portion of the sales tax Ontarians pay for goods and services. To be eligible for this credit, you must fall into at least one of the following categories:
Does your child or spouse have a disability? Then you should check out the disability tax credit.
Below is the OTB payment schedule for 2021 (the OTB payment period runs from July to June):
For the 2021 OTB period, you will receive monthly payments if your benefit is more than $360, but you also have the option to receive one lump-sum payment in July (the end of the OTB payment period). If your payment is less than $360, you’ll be paid the entire amount in July.
Check out the payment dates for the Ontario Disability Support Program (ODSP).
The amount of OTB you receive will depend on your age, income, family size, residence, and how much you pay in rent or property tax. Below is an overview of what you can expect to get based on the three credits that constitute the OTB.
If you’re single, the maximum payment you’re entitled to is $158. If you have a family, the maximum payment is $243.
You could receive a maximum OEPTC payment of:
Are you a student? Check out these student tax credits and deductions.
The maximum OSTC payment you can get is $316. This amount is for every adult and child in your household.
If you’re an Ontarian, you’re fully aware of how hard it can be to maintain a basic standard of living. Hence, anything that can relieve the financial pressure is helpful. If you’re a low-income earner, applying for the OTB during tax season is a no-brainer, as it will supply you with some extra income with no strings attached.
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