In November 2024, Ontario residents will receive vital financial support through two significant benefit payments from the Canada Revenue Agency (CRA): the Canada Child Benefit (CCB) and the Ontario Trillium Benefit (OTB). These payments are essential for families and individuals grappling with escalating living expenses.
Canada Child Benefit (CCB)
The CCB is a tax-free monthly payment designed to assist families with children under 18 years old. It aims to alleviate costs associated with raising children, such as education, healthcare, and childcare.
Eligibility Criteria
To qualify for the CCB, applicants must meet several requirements:
- Residency: Must be a Canadian citizen, permanent resident, or possess qualifying immigration status.
- Primary Caregiver: Only the primary caregiver can apply.
- Income-Based: Payments are income-tested; lower-income families receive higher amounts.
Temporary residents may also qualify if they have lived in Canada for at least 18 months on a valid permit that does not restrict access to social benefits.
Payment Details
The upcoming CCB payment is scheduled for November 20, 2024. Families can receive up to $7,787 per child annually for children under six and $6,570 annually for those aged six to seventeen, with exact amounts varying based on family income.
Ontario Trillium Benefit (OTB)
The OTB combines three tax credits aimed at providing relief from sales tax, property tax, and energy expenses. It is particularly beneficial for low- and moderate-income residents.
Eligibility Criteria
Eligibility for the OTB includes:
- Ontario Residency: Must be an Ontario resident as of December 31 of the previous tax year.
- Income Limit: The benefit is income-tested.
- Tax Return Filing: Applicants must file their income tax return to receive benefits.
Temporary residents can qualify if they meet similar residency and filing requirements.
Payment Details
The next OTB payment will be issued on November 8, 2024, with various maximum payment amounts depending on individual circumstances. For example:
- Up to $360 annually for the Ontario Sales Tax Credit.
- Up to $1,248 for the Ontario Energy and Property Tax Credit.
