Results 1 to 7 of 7
  1. #1
    Expert Forum User

    Join Date
    Jun 2006
    Location
    London
    Posts
    3,977
    Rep Power
    214

    Default Low Refunds this year

    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?
    Mom to DS - 9.5 years old
    AND

  2. #2
    Expert Forum User
    strongmommy's Avatar
    Join Date
    Sep 2006
    Location
    Old North
    Posts
    2,557
    Rep Power
    185

    Default

    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!

  3. #3
    Expert Forum User The Ultimate London Mom!
    Anonymous's Avatar
    Join Date
    Sep 2007
    Posts
    13,039
    Rep Power
    604

    Default

    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...
    ~ "A friend is one who walks in when the rest of the world walks out."~

    Anonymous......

  4. #4
    Expert Forum User
    strongmommy's Avatar
    Join Date
    Sep 2006
    Location
    Old North
    Posts
    2,557
    Rep Power
    185

    Default

    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!

  5. #5
    Expert Forum User

    Join Date
    Oct 2008
    Location
    London, ON
    Posts
    5,492
    Rep Power
    336

    Default

    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.

  6. #6
    Expert Forum User
    allie193's Avatar
    Join Date
    Sep 2006
    Location
    Whitehills
    Posts
    4,426
    Rep Power
    252

    Default

    When I checked my EI slip was already available online so it should be there if you log in.
    Alicia
    Mommy to Summer, Avery, and Bentley

  7. #7
    Expert Forum User

    Join Date
    Jun 2006
    Location
    London
    Posts
    3,977
    Rep Power
    214

    Default

    Quote Originally Posted by strongmommy View Post
    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!
    Mom to DS - 9.5 years old
    AND

Similar Threads

  1. 90 year old man saves 3 year old girl at racetrack
    By dressage mom in forum Chit Chat
    Replies: 2
    Last Post: 03-13-2011, 04:39 PM
  2. What the heck should i get my soon to be 6 year old and 2 year old for bdays
    By goingcrazy1978 in forum General Support/Advice about the Kids!
    Replies: 10
    Last Post: 01-04-2010, 07:04 PM
  3. babyEinstein refunds
    By Hep Alien in forum Did you hear about... (current events)
    Replies: 36
    Last Post: 10-28-2009, 08:05 AM
  4. BPA Bottle Refunds
    By Youngmom in forum Frugal Living, Cool Co-ops and Special Group rates for London Moms!
    Replies: 21
    Last Post: 05-05-2009, 10:36 AM
  5. BPA--where to get refunds
    By Roots in forum General Support/Advice about the Kids!
    Replies: 31
    Last Post: 04-28-2008, 01:38 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •