Ontario Student Residence Rebate

Are you a student living in a residence in Ontario? If so, you may be eligible for a new tax credit that can help you reduce your housing costs. In this blog post, we will explain what the new Ontario Student Residence rebate is, who can qualify for it, and how to claim it on your tax return.

The new Ontario student residence rebate is a tax credit that allows students who live in a designated residence to claim $25 as their occupancy cost for the part of the year they lived there. The rebate is part of the Ontario Trillium Benefit, which is a monthly payment that helps low- to moderate-income individuals and families with their energy costs, sales tax, and property tax.

To qualify for the new Ontario student residence rebate, you must meet the following criteria:

You must be a resident of Ontario on December 31 of the tax year

You must be 19 years of age or older, or have a spouse or common-law partner, or live with your dependent child

You must have lived in a designated residence for at least one month in the tax year

You must have paid rent or fees for your residence, or have received a scholarship, bursary, fellowship, or research grant that included an amount for your residence

You must not have claimed the Ontario energy and property tax credit or the Northern Ontario energy credit for the same period.

A designated residence is a residence that is owned or operated by a university, college, or private school in Ontario that provides accommodation for students. It does not include a residence that is rented or leased from a private landlord, or a residence that is part of a co-operative education program. To find out if your residence is designated, go to ontario.ca/finance.

To claim the new Ontario student residence rebate, you need to file your income tax return and complete Schedule ON-BEN, Application for the Ontario Trillium Benefit and the Ontario Senior Homeowners’ Property Tax Grant. If you lived in a designated Ontario university, college, or private school residence, place a tick beside box 61140 on Form ON-BEN. You will get $25 for the property tax component of the OEPTC for the part of the year that you lived in that residence. If you also lived somewhere else in Ontario for part of the year and rent and/or property tax was paid by or for you, enter the amount paid beside box 61100 and/or box 61120 on Form ON-BEN, as applicable.

You can expect to receive your rebate payment starting in July 2024, along with your other Ontario Trillium Benefit payments. You can choose to receive your payments by direct deposit or by cheque

The new Ontario student residence rebate is a great way to save money on your student housing expenses. If you are eligible, make sure to claim it on your tax return and enjoy your refund.

For further information please contact Taxtron Support at 416-491-0333 or visit www.taxtron.ca