Frequently Asked Questions
- Who is eligible for the refund of income tax on Ontario Opportunity Bond (OOB) interest?
- What is my tax refund based on?
- How do I receive my tax refund?
- Where can I get additional information on my Ontario Opportunity Bonds?
Who is eligible for the refund of income tax on Ontario Opportunity Bond interest?
You are eligible for a refund of Ontario personal income tax if you:
- purchased an Ontario Opportunity Bond in April/May, 2003
- are a resident of Ontario on the last day of the taxation year
- file an income tax return for the taxation year
- report interest earned on the OOB as interest income on the tax return, and
- pay tax for the taxation year.
What is my tax refund based on?
The refund is based on the amount of Ontario income tax paid on the OOB interest. For partnerships, the refund is limited to the Ontario income tax paid on the share of net income of each of the partners.
How do I receive my tax refund?
You will receive the refund automatically from the Ontario Ministry of Revenue. A trust or a partnership must apply to the Ontario Ministry of Revenue for the refund of tax. Corporations must claim the refund as a reduction on their Corporations Tax Return (Line 664, Page 15 of the CT23 return).
Where can I get additional information on my Ontario Opportunity Bonds?
If you have questions about your OOB account, please contact CIBC-Mellon Trust Company, at 1 800 387-0825.
Please contact the Ontario Ministry of Revenue at 1 866 668-8297 if you have any questions about the tax refund process.
