Filing Taxes: Benefits for Those with Modest Incomes
Allan Madan, CPA, CA
Do you or someone you love live on a modest income? Find out how filing taxes can help!
In todays’ world, paying for everyday essentials like heating bills and property taxes can add up quickly – especially for those with modest incomes. that’s why it’s so important to file a tax return each year. By filing your return, you become eligible for a number of Ontario tax credits and benefits designed to help with these everyday costs.
The Ontario Trillium Benefit provides people with sales tax and property tax relief and helps people living in the North with their higher energy costs. It is estimated the 2014 Ontario Trillium Benefit will provide about $2.5 billion to over 4 million low to moderate income families and single people in Ontario.
Don’t miss out on how the Ontario Trillium Benefit can help you and your family!
To receive the benefit in a timely manner, you need to file your tax return by April 30 each year, even if you don’t have any income to report, make sure you include a completed ON-BEN application, which is part of the basic tax return package.
Investing in you – How it works!
Here is an example, of how this benefit can work for you! If you are eligible, you could receive the following:
- Ontario Sales Tax Credit – up to $23.91 a month for an individual and for each family member
- Ontario Energy and Property Tax Credit – up to $82.75 a month for a non-senior or $94.25 a month for a senior
- Northern Ontario Energy Credit – up to $11.92 a month for a single person or $18.42 a month for a family living in the North to help with higher energy costs.
Find out today if you are eligible!
- Do I qualify for the Ontario Trillium Benefit?
- Learn what credits and benefits you and your family may be eligible for
- Use Ontario’s tax credit calculator
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CPA, CA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
