Ontario Energy Tax Credit Calculator

Otherwise divide the result of step 4 by 12 to calculate your monthly oeptc entitlement.

Ontario energy tax credit calculator.

Ontario energy and property tax credit oeptc calculation sheets. Taxpayers who upgrade their homes to make use of renewable energy may be eligible for a tax credit to offset some of the costs. Tax credits for residential energy efficiency have now been extended retroactively through december 31 2020. For the prior year calculation sheets go to ontario energy and property tax credit calculation sheets.

The renewable energy tax credits are good through 2019 and then are reduced each year through the end of 2021. The ontario energy and property tax credit is a personal tax credit that was implemented to help low to moderate income individuals with property taxes and the sales tax on energy. The tax credit for builders of energy efficient homes and tax deductions for energy efficient commercial buildings have also been retroactively extended through december 31 2020. Homeowners who made energy efficient improvements to their home can qualify for a federal tax credit but you must meet certain rules.

Claim the credits by filing form 5695 with your tax return. This tax credit is for energy star certified metal and asphalt roofs with pigmented coatings or cooling granules designed to reduce heat gain. Federal income tax credits and other incentives for energy efficiency. The ontario trillium benefit otb is the combined payment of the ontario energy and property tax credit the northern ontario energy credit and the ontario sales tax credit.

This is your annual energy and property tax credit unless step 5 applies. People can apply for the credit if eligible for either component. Through the 2020 tax year the federal government offers the nonbusiness energy property credit. An energy component and a property tax component.

However for all the monthly payments from july 2020 to june 2021 you must use your marital status on december 31 2019. The annual otb entitlement is usually divided by 12 and the payments issued monthly. Step 5 annual ontario energy and property tax credit. 2020 ontario energy and property tax credit oeptc calculation sheets your oeptc entitlement is calculated on a monthly basis.

2020 calculation sheets applied for on the 2019 income tax and benefit return 2019 calculation sheets applied for on the 2018 income tax and benefit return. This credit has two components. Certified roof products reflect more of the sun s rays which can lower roof surface temperature by up to 100f decreasing the amount of heat transferred into your home.