Introducing the new Ontario $200 Taxpayer Rebate.

Could you use a little more money in your pocket? The Ontario government thinks that might be a nice way to start your new year. If you haven’t filed your 2023 taxes yet, it’s not too late but the clock is ticking to receive this rebate. 

The Ontario government just announced that it’ll provide a $200 rebate to all eligible Ontario taxpayers. This rebate will help with “the high costs of the federal carbon tax and interest rates.” 

Stating that “life is too expensive,” Premier Doug Ford made the announcement in advance of the 2024 Ontario Fall Economic Statement. Where he advised Ontarians to get their taxes completed before the end of the year to receive this benefit.

An additional $200 will be paid for each dependent child, so a family of five with two adults and three children 18 or under (by December 2023) would receive $1,000. 

Who will get the Ontario $200 Taxpayer Rebate?

The government expects about 12.5 million people in Ontario will receive the payment. Additionally, around 2.5 million children will get it through their parent or guardian. Experts estimate the total cost at $3 billion. 

The government stated they’re positioned to do this because inflation and changes to the capital gains tax has produced higher provincial sales tax revenue. 

Who will qualify for the Ontario Tax Rebate?

• To get the payment, eligible taxpayers must have lived in Ontario on December 31, 2023. They also need to file their 2023 income tax return.
• Permanent residents and those on work permits will also be eligible if they paid 2023 taxes.
• The $200 payment for eligible children will be paid to the parent who received the Canada Child Benefit for that child this year.
• If Ontarians file their taxes before the end of 2024, they’ll receive the payment. No application or enrollment is required.
• Everyone, no matter their income level, will receive the payment. This includes all tax brackets, from the lowest to the highest paid Ontarians.
• Ineligible people include individuals who currently face bankruptcy and those who currently serve time in prison. 

If you still need to file your 2023 taxes before the end of the year, H&R Block Tax Experts are here to help. Find an office near you and book an appointment today.