Low Refunds this year

[MamaM]

I do a lot of lower income tax returns (23k) or less to help out for free to family and friends. (Im a financial planner) So just wanted to make sure I am not doing something wrong.

Im really not liking this new Ontario Trillium Benefit and lack of refundable Ontario Tax Credits. It seems as tho both my nana's who get returns based mostly on the fees they pay to long term care and/or property tax are getting nothing this year or even owe a little Same with people who rent. So basically no ON 479 anymore right?

How much of this money will everyone see from the Ontario Trilluim Benefit?

[strongmommy]

Hi there,

The new program is really just the old program reinvented. It still encompasses the Property Tax / Rent credit, the Seniors Property tax credit and the sales tax credit. People eligible for the credits (based on income) will start getting them in 1/12th installment payments throughout the year beginning in July 2012 instead of all at once through an income tax refund. The other downside is that these refundable credits don't offset any liability that may be owing ... so in some cases people actually owe instead of getting money back ... at the time of income tax filing. This money does come back - just in smaller amounts and after the fact.

Sure does suck to have to wait for the money .... but the government made the decision about a year ago and they believe it will be more efficient (and less drain on their cash flow to smooth out the payments).

Not sure what type of software you use ... but in the type I use the application for the credits is completed on the ON BEN form.

Hope that helps!

[Anonymous]

I was collecting Unemployment Sick Benefits for the last five weeks of 2011.....will I be receiving anything from the government so that I can file my tax return. Will collecting the benefits effect my tax return greatly? I usually get a pretty good refund...

[strongmommy]

Hi there,

You should be getting some type of EI slip - often they are available online with your epass account. They are due to be mailed/available by February 29, 2012

It's unlikely the 5 weeks will affect your income tax much - but it is income you include when you calculate your total income for tax.

Let me know if there is anything else!

[melissawilliam]

My EI tax slip is already online - I printed it off earlier in the week. You can also see online how much tax was deducted.

[allie193]

When I checked my EI slip was already available online so it should be there if you log in.

[MamaM]

Hi there,

The new program is really just the old program reinvented. It still encompasses the Property Tax / Rent credit, the Seniors Property tax credit and the sales tax credit. People eligible for the credits (based on income) will start getting them in 1/12th installment payments throughout the year beginning in July 2012 instead of all at once through an income tax refund. The other downside is that these refundable credits don't offset any liability that may be owing ... so in some cases people actually owe instead of getting money back ... at the time of income tax filing. This money does come back - just in smaller amounts and after the fact.

Sure does suck to have to wait for the money .... but the government made the decision about a year ago and they believe it will be more efficient (and less drain on their cash flow to smooth out the payments).

Not sure what type of software you use ... but in the type I use the application for the credits is completed on the ON BEN form.

Hope that helps!

Just as I suspected. Yah it does suck nana was hoping to get a new wheelchair with her upfront money. Yes ON BEN now. Thank you!