There is always some new tax term that comes about and a lot of people really don’t have a full understanding of it. For example they hear the term OTB now relating to Ontario taxes and many ignore what it really is. To start with it’s a potential tax credit for those who are eligible and it stands for the Ontario TrilliumBenefit.
You may have been getting a small cheque in the mail from the government and know it is a tax credit of some sort but aren’t too sure what it actually covers. This would be your OTB and in encompasses the Ontario sales tax credit, Ontario energy and property tax credit and Northern Ontario Energy Credit. If in the past you have qualified for any one of these these three credits then you should receive some money from the Government on a monthly basis.
If you aren’t too sure about these tax credits in the past when you have been filing your return you may have been given credit for them separately. If you have been using a Toronto tax accountant to help your with your returns he would have determined if you qualified for these specific tax credits or not.
As always, the tax laws are always changing and with the new 2013 budget it has been proposed that the Canadian Government will give tax payers who qualify for the Ontario Trillium Benefit a choice. Tax payers may be able to opt to receive their OTB in a one lump sum monthly payment rather than receiving it every month.
This may be an option that will be available to you when you file your 2013 return.
The amounts that an eligible individual receives depends on which of the three tax credits is applicable to them. It is not something that the Government automatically calculates for you. It is well worth having a Toronto tax accountant take care of your tax filing for you as these experts will know how to determine if you will qualify for any of the tax credits and then will be able to fill out your tax return for you so you will receive this credit.
The OTB is just one example of a potential tax credit that you could miss out on if your taxes are not properly file. Be sure to give me a call here at (416)398-1700 to learn how I can assist you not only with your yearly tax filing but with tax planning as well.
