Ontario Providing Taxpayers With $200 Rebate

(MENAFN- Caribbean News Global)

• Payments will support families facing high interest rates and the federal carbon Tax

SCARBOROUGH, Ontario – As part of the 2024 Ontario Economic Outlook and Fiscal Review, the government is supporting Ontario families struggling with the high costs of the federal carbon tax and interest rates by proposing to provide a $200 taxpayer rebate to all eligible Ontario taxpayers. To ensure families with children are not overlooked, the government is also proposing to provide families with an additional $200 for each eligible child.

“We're doing everything we can to keep costs down for Ontario families, but the federal carbon tax and high interest rates are still hurting taxpayers across the province,” said premier Doug Ford.“This $200 taxpayer rebate will give Ontario taxpayers, especially families with children, some much-deserved help so they can make ends meet.”

The government would begin mailing cheques to recipients of the taxpayer rebate in early 2025. A family of five with two adults and three children would receive $1,000, if eligible. In total, this rebate is expected to provide $3 billion in support for approximately 12.5 million adults and 2.5 million children.

“At a time when the cost of living remains stubbornly high, our government is taking action for the families and workers of this province with much-needed relief to their household budgets,” said Peter Bethlenfalvy, minister of finance.“We encourage taxpayers to watch their mailboxes for this taxpayer rebate in early 2025 as we continue making life more affordable for Ontarians while retaining prudent, responsible fiscal management.”

The government is able to provide taxpayers with this relief because of higher-than-expected revenues as a result of the impact of inflation on provincial sales tax revenues and the impact of recent changes to the federal government's capital gains tax.

More information about the government's plan to keep costs down for people, families and businesses is included in the 2024 Ontario Economic Outlook and Fiscal Review, released on October 30, 2024.

Quick facts

• Those eligible for the tax-free taxpayer rebate must be 18 years or older at the end of 2023; be a resident in Ontario on December 31, 2023; have filed their 2023 Income Tax and Benefit Return by December 31, 2024; and not be bankrupt or incarcerated in 2024.

• Families who qualify for a Canada Child Benefit (CCB) payment for 2024 would receive an additional $200 for each eligible child under age 18. The taxpayer rebate payment for children would be made to the person(s) who receives the CCB in respect of the child, who must be a resident of Ontario. In the case of a shared custody arrangement in respect of a child, payments would be split based on the most recent CCB available.

• For families with children who did not receive the CCB for 2024, the government would provide an opportunity for a taxpayer rebate payment of $200 per child through an alternative process.

• The government is proposing to extend the temporary rate cuts on the gasoline and fuel taxes for the fourth time, until June 30, 2025. These extended cuts would ensure the rates remain at 9 cents per litre through to June 30, 2025, saving Ontario households $380 on average over the three years since the cuts were first introduced.

• The government is providing relief to individuals and families across Ontario by making it less expensive to take transit, drive a car and attend postsecondary education, keeping energy costs down and increasing support for seniors with low income.

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