NEW! The Ontario Energy and Property Tax Credit will now be paid out in monthly installments instead of the previous quarterly payments.
As part of the Ontario Trillium Benefit, “The Ontario Energy and Property Tax Credit helps low- to moderate-income individuals 18 years of age and older, and families, with the sales tax they pay on energy and with property taxes.”
“If you pay rent or property tax, you could get up to $946. If you are a senior, you could get up to $1,078.”
Qualifying non-senior single individuals and families can receive up to $946 for the 2012-13 benefit year, which is up to $736 in property tax relief and up to $210 in relief for the sales tax on energy.
Qualifying seniors, 64 years of age or older on December 31, 2011, can receive up to $1,078 for the 2012-13 benefit year, which is up to $868 in property tax relief and up to $210 in relief for the sales tax on energy.
If you are a student and live in a designated Ontario university, college or private school residence, you may qualify for $25.
For a family, that means up to $78.83 can be put towards a savings fund or debt repayment per month. Regulating this tax credit into monthly installments should help consumers manage their budgets. By replacing larger, quarterly sums with smaller, regular monthly installments, the lure to purchase big ticket items may be diminished.
Quite simple, if you don’t have the cash ~ you can’t buy the item.
This will, hopefully, help students, families and seniors, monitor their budgets, and help repay lingering debt.
For more information, call the Canada Revenue Agency at 1 877 627-6645 or visit their website..
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