Those who support Ford, just do him a favour:
How to return the rebate
But let’s just say you have no need for this money, or don’t want it for whatever reason — you can send it right back to the province.
The province has something called the Ontario Opportunities Fund and your contributions to this fund go directly to paying down the province’s debt. You also get a tax receipt for your generosity.
In case you are wondering, Ontario’s publicly held debt, as of March 31, 2024, is forecasted at approximately $429.7 billion. There’s also $8 billion in non-public debt, which consists of debt instruments issued mainly to the Canada Pension Plan Investment Board.
Every year, Ontario residents can donate all or a portion of their tax refund — if they are entitled to a tax refund — to this fund at the time they are filing their taxes.
But you can also contribute to this fund at any other time of the year by sending a cheque or money order to the appropriate government department. In return, you get a receipt, which can help lower your tax obligation the year you make the contribution, or it can be carried forward for any of the next five years.
So, if you’d like to put your $200 toward the government’s debt — which looks like this if written out in numbers: $429,700,000,000 — now you know how to do so.
More information on the Ontario Opportunities Fund is available on the
government of Ontario’s website.
People who are feeling extra generous can also make contributions to help pay down Canada’s national debt.
While the federal government doesn’t have an equivalent program to the Ontario Opportunities Fund, it will still accept your donation. The government issues and accepts payments through the Receiver General, so you can send your money there.
Premier Doug Ford's provincial government is proposing a taxpayer rebate that would be delivered in early 2025.
www.toronto.com
