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ONTARIO’S ENERGY PLAN

ONTARIO’S ENERGY PLAN


What is the ONTARIO CLEAN ENERGY BENEFIT (OCEB)?

The Ontario Clean Energy Benefit (OCEB) is helping Ontario families, farms and small businesses through the transition to a cleaner, modern electricity system. Thanks to the OCEB, Ontario families can expect stable bills this summer and fall with 10% off their monthly electricity bills.

Who is eligible for the Ontario Clean Energy Benefit (OCEB)?

All families, farms and small businesses in Ontario hat receive an electricity bill is eligible for this benefit.

How much is the Savings?

The OCEB provides a 10% rebate off your total electricity bill – including electricity costs, regulatory charges, the debt retirement charge and taxes.

What are the Benefits for Families?

A typical residential consumer will see annual savings of approximately $153.60.

What are the Benefits for Farms and Small Businesses?

Typical farm and small business savings could range between $1700 and $2050, depending on size and electricity usage.

How does one get the OCEB?

You don't have to do anything – the OCEB will be automatically added to every eligible consumer's bills for the next five years. The Ontario Clean Energy Benefit applies to electricity charges incurred as of January 1, 2011.

How Can You Save?

• Ontario Clean Energy Benefit

  Provides a 10 per cent benefit to help consumers manage rising electricity prices for the next five years.

• Northern Ontario Energy Credit

  A new, permanent energy credit designed to help families and individuals in the North who face higher energy costs.

• Ontario Energy and Property Tax Credit

   Up to $1,025 for eligible Ontarians paid quarterly, beginning in 2011.


The Ontario Energy and Property Tax Credit  (OEPTC)

What is this Ontario Energy and Property Tax Credit Program?

The Ontario Energy and Property Tax Credit (OEPTC) is designed to help low- to middle-income Ontario residents with the sales tax on energy and with property taxes. The maximum credit for 2010 is $1,025 for seniors and $900 for non-seniors.

A 2010 personal income tax return must be filed and the credit will be paid as a lump-sum as part of the 2010 tax refund or reduce taxes otherwise payable. For 2011, the maximum credit is $1,044 for seniors and $917 for non-seniors. The 2011 OEPTC will be paid in four installments starting in July 2011 and will be based on the personal income tax return filed for 2010.

Who is Eligible to receive the Ontario Property and Tax Credit?

• Ontario residents who are 18 or older, or had a spouse or common-law partner on December 31, 2010 (for both the 2010 and 2011 credits), or are parents who lived with their child in 2010 (for the 2010 credit) or who live with their child on the first day of the payment month (for the 2011 credit).

• People with low- to middle-income who pay rent or property tax for a principal residence in Ontario.

• People living on reserves are generally eligible for the energy portion of the credit, as are those people living in public long-term care homes.

How do you qualify for this Credit?

To receive the OEPTC, you have to apply for it by completing and attaching Ontario forms “ON-BEN” and “ON479” to your personal income tax return. These forms are included in the Ontario T1 general personal income tax and benefit package.

If you qualify to receive the 2011 OEPTC, based on your 2010 return, your payments will be issued in July and December 2011, and in March and June 2012.

For more information:

http://www.rev.gov.on.ca/en/credit/oeptc/index.html

Watch this video on Ontario Clean Energy Benefit (OCEB)




This article is for general information only. Please consult your financial/tax advisor about your specific financial situation.

Labels: financial planning, ontario energy savings, ontario long term energy plan, ontario property tax and tax credits, ontario tax credits, seniors benefit, tax planning

posted by laramaryann @ 8:54 PM