Notice to the reader: The Ontario Opportunities Bonds matured on May 6, 2008. As a result, the incentive ceased to be in effect for individuals as of December 31, 2008, and for corporations for taxation years ending after May 31, 2009.
Expired
Frequently Asked Questions
- Who is eligible for the refund of income tax on Ontario Opportunity Bond interest?
- How is my tax refund calculated?
- 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 (OOB) interest?
You are eligible for a refund of Ontario personal income tax on OOB interest if you:
- purchased an OOB issued between May 2003 and May 2008
- 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.
How is my tax refund calculated?
The refund is based on the amount of Ontario income tax paid on the OOB interest. For partnerships, the refund for each partner is limited to the Ontario income tax paid on the OOB interest proportionate to his/her share of the partnership's net income.
How do I receive my tax refund?
- An individual, who has filed an income tax return for the taxation year, will receive the refund automatically from the Ontario Ministry of Finance.
A trust or a partnership must apply to the Ontario Ministry of Finance for the refund of tax.
- A trust must complete form 2544A - Applicaton for Tax Refund - Trust [PDF - 113 KB]
- A partnership must complete form 2542A - Application for Tax Refund - Partnership [PDF - 129 KB]
Note: After December 31, 2008, corporations must claim the refund by completing the Ontario Jobs and Opportunity Bonds Refund Claim form [PDF - 366 KB]. The form must be received by the Ministry of Finance within one year of the corporation's 2009 taxation year end.
Prior to January 1, 2009, corporations must claim the refund as a deduction 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 Finance at 1 866 668-8297 if you have any questions about the tax refund process.
