{"id":45084,"date":"2020-11-05T09:51:00","date_gmt":"2020-11-05T14:51:00","guid":{"rendered":"https:\/\/canadianbudgetbinder.com\/?p=45084"},"modified":"2024-12-26T06:35:21","modified_gmt":"2024-12-26T06:35:21","slug":"ontario-senior-homeowners-property-tax-grant-qualifications","status":"publish","type":"post","link":"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/2020\/11\/05\/ontario-senior-homeowners-property-tax-grant-qualifications\/","title":{"rendered":"Property Tax Grant For Ontario Senior Homeowners"},"content":{"rendered":"\n

<\/span>Estimated reading time: <\/span>9<\/span> minutes<\/span><\/p>\n\n\n\n

Some seniors are unaware of a non-taxable payment called the Ontario Senior Homeowners\u2019 Property Tax Grant (OSHPTG).<\/p>\n\n\n\n

Today, I’m going to review what it the OSDPTG is, its eligibility, and the amount received by qualifying seniors. <\/p>\n\n\n\n

Property Tax Help For Low-Income Homeowners<\/h2>\n\n\n\n

When we pay property tax as homeowners, we ensure that many community services are looked after.<\/p>\n\n\n\n

A small tax grant from the Ontario government might not seem like a big deal to some homeowners, and perhaps it\u2019s not.<\/p>\n\n\n\n

However, for seniors who are low-income and struggling through their retirement with debt, a $500 grant<\/strong> is a blessing.<\/p>\n\n\n\n

You might not be aware of many Ontario Tax Credits, Incentives, and Grants <\/strong><\/a>before filing your income tax return.<\/p>\n\n\n\n

Today I\u2019m focusing on the OSHPTG<\/strong> because I had only learned about it while researching my mother-in-law\u2019s income tax return.<\/p>\n\n\n\n

When you buy a house in Ontario, the homeowner is responsible for paying property taxes to the city where they live.<\/p>\n\n\n\n

I never thought there would be such a rebate for seniors, but I was wrong and want you to know about it.<\/p>\n\n\n\n

Ontario Senior Homeowners\u2019 Property Tax Grant<\/h2>\n\n\n\n

What is the Ontario Senior Homeowners\u2019 Property Tax Grant?<\/strong><\/p>\n\n\n\n

The Ontario Scenarios Homeowners\u2019 Property Tax Grant (OSHPTG<\/strong>) is for low to moderate-income seniors to help pay some of their property taxes.<\/p>\n\n\n\n

You will not have to tax on the grant as it is a non-taxable payment.<\/p>\n\n\n\n

I want to point out that you do not have to be a Canadian citizen to get the Ontario Senior Homeowners\u2019 Property Tax Grant.<\/p>\n\n\n\n

You must reside in Ontario, own a home, and pay property taxes to be eligible to apply but only if you qualify.<\/p>\n\n\n\n

Even if a senior couple owns a home and pays property tax but one of them is in long-term care, you can still apply<\/strong>.<\/p>\n\n\n\n

This means that as long as one senior lived in the home during the income tax return period, they may be eligible.<\/p>\n\n\n\n

How The Death Of A Senior Affects The OSHPTG<\/h2>\n\n\n\n

Also, if the senior has deceased and you are POA, you can still apply for the Ontario Senior Homeowners\u2019 Property Tax Grant.<\/p>\n\n\n\n

To be eligible, the senior must not have passed away during the income tax year they are submitting for.<\/p>\n\n\n\n

So, for example, if you submit an income tax return for 2019 and the senior passed away in 2020, you can apply for the 2020 grant.<\/p>\n\n\n\n

If the senior passed away during 2019, they would not qualify as they did not reside in the home for the entire year.<\/p>\n\n\n\n

The payment will be issued to the estate<\/strong> if they meet the qualifications.<\/p>\n\n\n\n

Eligibility For The Ontario Senior Homeowners\u2019 Property Tax Grant<\/h2>\n\n\n\n

To be eligible for the grant, you or your spouse by December 31 of the last year must:<\/p>\n\n\n\n

    \n
  1. You were a resident of Ontario<\/strong><\/li>\n\n\n\n
  2. Paid property taxes<\/strong><\/li>\n\n\n\n
  3. 64 years of age or older<\/strong><\/li>\n\n\n\n
  4. Owned and occupied a principal residence in Ontario<\/strong><\/li>\n\n\n\n
  5. Single-Divorced or Widowed and earned less than $50,000<\/strong><\/li>\n\n\n\n
  6. Married, Common-law with a combined income of less than $60,000<\/strong><\/li>\n<\/ol>\n\n\n\n

    Ontario Seniors Homeowners\u2019 Property Tax Grant Amount<\/h2>\n\n\n\n

    You may be eligible for up to a $500 property tax refund if you qualify.<\/p>\n\n\n\n

    The grant is based on your adjusted family net income<\/strong><\/a>.<\/p>\n\n\n\n

    \n

    Adjusted family net income<\/strong> \u2013 your family net income<\/strong><\/a> minus<\/strong> any universal child care benefit (UCCB) and registered disability savings plan (RDSP) income received plus<\/strong> any UCCB and RDSP amounts repaid.<\/p>\n<\/blockquote>\n\n\n\n

    For those who apply for the grant who are single, divorced, or widowed and whose net income is more than $35,000 but less than $50,000, the grant will be reduced by 3.33% of income over $35,000.<\/strong><\/p>\n\n\n\n

    For married couples and common law with a combined family net income over $45,000<\/strong>, the property tax grant is reduced by 3.33%<\/strong> of anything over $45,000.<\/strong><\/p>\n\n\n\n

    I know this doesn\u2019t sound like much; however, every little bit counts when you retire with little to no retirement income.<\/p>\n\n\n\n

    Those of you with a family net income over $60,000<\/strong> are not eligible<\/strong> for the OSHPTG<\/strong>.<\/p>\n\n\n\n

    Source: Ontario.ca<\/p>\n\n\n\n

    How To Apply For the Ontario Seniors\u2019 Property Tax Grant<\/h2>\n\n\n\n

    Fill out the Ont-BEN form<\/strong><\/a> and the property taxes you paid and file it with your income tax return.<\/p>\n\n\n\n

    I\u2019m unsure how many senior homeowners know about this property tax grant, so I wanted to discuss it.<\/p>\n\n\n\n

    I HAD NO IDEA <\/strong>when I filed my mother-in-law\u2019s income tax return two years ago.<\/p>\n\n\n\n

    It wasn\u2019t until I was researching online about tax credits for seniors that I came across the Trillium Benefits<\/strong> and Property Tax incentives<\/strong>.<\/p>\n\n\n\n

    Even if you don\u2019t owe the government income tax, you may still qualify for the grant, so fill out the form.<\/p>\n\n\n\n

    The worst that will happen is that you have been declined the grant, but at least you filled it out and submitted it.<\/p>\n\n\n\n

    How Will I Be Paid For The Ontario Seniors\u2019 Property Tax Credit<\/h2>\n\n\n\n

    Once you receive your assessment in the mail and if you qualify for the Ontario Seniors\u2019 Property Tax credit, you\u2019ll receive it in 4 to 8 weeks.<\/p>\n\n\n\n

    The money will be directly deposited into your bank account, and if you are not on the direct deposit system, it\u2019s a good idea to get set up.<\/p>\n\n\n\n

    Not only for this grant but for any other money to be received by the Ontario provincial government and Canada Revenu Agency.<\/p>\n\n\n\n

    We did this for my mother-in-law, so we knew that what money she was getting back was a direct deposit that simplified everything.<\/p>\n\n\n\n

    If you choose not to set up a direct deposit, your money will be sent by cheque, which generally takes much longer.<\/p>\n\n\n\n

    How To Sign Up For Direct Deposit:<\/h2>\n\n\n\n

    You can register For Direct Deposit in two ways:<\/strong><\/p>\n\n\n\n