If you haven’t filed your 2023 tax return yet, time is running out to ensure your eligibility for Ontario’s $200 rebate. The Ontario government has announced that taxpayers have until the end of 2024 to submit their tax returns and claim this rebate.
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What Is the $200 Rebate?
On October 29, the Ontario government revealed plans to provide a $200 rebate to all eligible taxpayers and their children. Premier Doug Ford emphasized the importance of this financial relief in a press release:
“This $200 taxpayer rebate will give Ontario taxpayers, especially families with children, some much-deserved help so they can make ends meet.”
The rebate cheques are expected to start arriving in early 2025, offering financial relief to families across the province.
Why Is This Rebate Possible?
The rebate is made possible due to higher-than-expected revenues from provincial sales tax, driven by inflation, and changes to the federal government’s capital gains tax. These unexpected gains have enabled the Ontario government to provide direct financial support to its residents.
Who Is Eligible for the $200 Rebate?
To qualify for the rebate, individuals must meet the following criteria:
- Be 18 years old or older in 2024.
- Not be incarcerated or bankrupt in 2024.
- File their 2023 Income Tax and Benefit Return by December 31, 2024.
For families, eligible children must:
- Receive the Canada Child Benefit.
- Reside in Ontario.
Parents who share custody will have the rebate split based on the most recent Canada Child Benefit information.
Key Deadlines for Filing Your Tax Return
Typically, Canadians have until April 30 to file their tax returns for the previous year. If you filed your 2023 tax return by April 2024, you’re already on track to receive the rebate. However, those who missed this initial deadline still have until the end of 2024 to file and secure their eligibility.
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How to Ensure You Receive the Rebate
- File Your Taxes Promptly: Ensure your 2023 tax return is submitted before December 31, 2024.
- Check Eligibility for Children: Verify that your child is receiving the Canada Child Benefit and resides in Ontario.
- Avoid Issues: Make sure you’re not incarcerated or bankrupt during 2024.
The $200 rebate is a welcome relief for Ontario families navigating rising costs. Don’t miss out on this opportunity—file your 2023 tax return as soon as possible to secure your rebate. With the deadline set for December 31, 2024, you still have time, but the clock is ticking.
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