OTB Payment Date February 2024, Amount, Eligibility, Income Limit, How to apply?

The payment for the OTB in February 2024 is set to be released on February 9, 2024. Generally, OTB payments are disbursed on the 10th of every month, or the last business day before the 10th in case of weekends or holidays.

OTB Payment Date February 2024

The Ontario Trillium Benefit (OTB) payment for February 2024 is scheduled to be issued on February 9, 2024. 

The OTB payments are typically made on the 10th of each month, or the last working day before the 10th if it falls on a weekend or holiday.

The OTB is a combination of the Ontario Sales Tax Credit, Ontario Energy and Property Tax Credit, and Northern Ontario Energy Credit, and it is administered by the Canada Revenue Agency (CRA).

Ontario Trillium Benefit (OTB) Payment Eligibility

The Ontario Trillium Benefit (OTB) is a tax-free financial assistance program designed to help low- and middle-income individuals and families in Ontario. To be eligible for the OTB, you must meet several criteria:

Residency:

  • You must be a resident of Ontario on December 31st of the previous year.

Age:

  • You must be 18 years of age or older at some point during the benefit year (July 1st to June 30th).

Tax Return:

  • Ensure that you’ve submitted your income tax and benefit return to the CRA for the preceding year.

Marital Status:

  • You must be single, married, common-law, separated, divorced, or widowed at some point during the benefit year.

Dependants:

  • You must have or have previously had a spouse or common-law partner, or be a parent who lives or has previously lived with your child at some point during the benefit year.

Income:

  • Your net income (after specific deductions) cannot exceed a certain threshold, which varies depending on your family size and circumstances. 
  • You cannot be living in a public care facility (e.g., nursing home) unless you are paying for your accommodation.
  • You cannot be deceased (except in specific circumstances).

OTB Payment Date February 2024

OTB Income Limit 2024 

There isn’t a single income limit for the OTB.  Your eligibility and specific benefit amount depend on several factors, including:

  • Marital status: Single, married, or common-law
  • Number of dependent children: If any
  • Adjusted household net income: This considers various factors like your total income, deductions, and number of dependents.

Maximum Annual Income Limits for Full OTB Amount (2024):

Marital Status Single Married or Common-Law
Single person $49,530 $99,060
Family with 1 child $57,606 $115,212
Family with 2 children $65,682 $131,364
Family with 3 children $73,758 $147,516
Family with 4+ children $81,834 $163,668

Applying for the 2024 OTB Payment

The 2024 OTB benefit year starts in July 2024 and runs until June 2025. Applications for the 2024 OTB are currently closed as they are based on your 2023 income tax return. However, you can still take steps to prepare for next year’s application.

File your 2023 Income Tax Return:

  • This is the most important step. The CRA will use your 2023 return to determine your OTB eligibility and entitlement for the 2024 benefit year.
  • File your return electronically through the CRA My Account portal or by mail by the April 30, 2024 deadline.

Include the ON-BEN Application Form:

  • This form is part of your income tax return package and is used to apply for the two components of the OTB that require separate applications:
    • Ontario Energy and Property Tax Credit (OEPTC)
    • Ontario Sales Tax Credit (OSTC)
  • Note: You don’t need to apply for the Northern Ontario Energy Credit (NOEC); it’s automatically included if you’re eligible.

Update your Direct Deposit Information (Optional):

  • If you want your OTB payments deposited directly into your bank account, ensure your banking information is accurate and up-to-date on your CRA My Account.

Wait for Processing:

  • Once you’ve filed your return and submitted the ON-BEN form, the CRA will assess your eligibility and determine your OTB amount.
  • Processing typically takes 8-12 weeks.

Receive your OTB Payments:

  • If you’re eligible, your OTB payments will start in July 2024.
  • You can choose to receive monthly instalments or a single lump sum payment in June 2025.

OTB Payment Methods 2024

  • Direct Deposit: This is the preferred and most common method. If you provided your bank account information on your 2023 income tax return filed with the Canada Revenue Agency (CRA), your OTB payments for the 2024 benefit year (starting July 2024) will be automatically deposited into your account on the 10th of each month (except holidays).
  • Paper Cheque: If you haven’t provided your bank account information or don’t have a bank account, you will receive your OTB payments by mail in the form of a paper cheque. This may take additional time to arrive compared to direct deposit.

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