Ontario Announces $200 Taxpayer Rebate for 2025
The Ontario government has announced a plan to provide a $200 rebate to eligible taxpayers in the province. This initiative is part of the 2024 Ontario Economic Outlook and Fiscal Review. The rebate aims to support families and individuals facing high costs due to federal carbon taxes and interest rates.
Eligibility for the rebate requires individuals to be at least 18 years old by the end of 2023, reside in Ontario on December 31, 2023, and have filed their 2023 Income Tax and Benefit Return by December 31, 2024. Individuals must not be bankrupt or incarcerated in 2024.
The government plans to distribute the rebate cheques starting in early 2025. A family of five, consisting of two adults and three children, could receive up to $1,000 if eligible. The total cost of the rebate program is projected to be $3 billion, benefiting approximately 12.5 million adults and 2.5 million children across Ontario.
The funding for this rebate is attributed to higher-than-expected revenues from provincial sales tax and changes to the federal capital gains tax. Further details on the government's financial strategies will be available in the upcoming fiscal review on October 30, 2024.