The Ontario Trillium Benefit is a combination of three credits that can assist in paying for energy cost, along with sales and property tax. To be eligible for OTB, you must qualify for one of the three credits it combines; the Northern Ontario Energy Credit, Ontario Energy and Property Tax Credit or the Ontario Sales Tax Credit. You do not need to qualify for all credits, just one. However, there are certain requirements that are required for all three, such as being 18-19 years of age or older, as well as being or previously being married or in a common-law relationship. If you want to know which benefit you may qualify for to receive the OTB, Dely & Associates can help you.
The Ontario Seniors Property Tax Grant is meant to help seniors with incomes ranging from low to moderate pay for their property taxes. You can qualify for this grant if during the previous year you were a resident of Ontario and payed Ontario property taxes for the year. You must also either be single and have earned less than $50,000, or either married or with a common-law partner and earned less than $60,000 combined. Depending on your income, if you meet these qualifications you could earn up to $500 each year. Our experts at Dely & Associates can calculate your income to see how much you could benefit from the tax grant.
GST and HST are the Goods Services Tax and the Harmonized Sales Tax respectively. The GST/HST tax credit is a tax-free quarterly payment that is designed for individuals or families with low or lower-middle level incomes to reduce the burden of GST and HST payments. Just filing your taxes will immediately make you considered for these payments, provided you fit one of the necessary income brackets. You can prove your economic status through a questionnaire from the CRA, or a letter asking for documents. If you need assistance providing those documents, or want to calculate what kind of credit you would earn bases on your income, Dely & Associates can help with any of those needs.
Old Age Security is a monthly payment that is accessible to those 65 years or older. If enrolled, you may receive up to $618.45, depending on how long you have lived in Canada since the age of 18. In some circumstances, you may be automatically enrolled in the benefits plan by Service Canada (they will inform you if this happens). However, you might have to apply if Service Canada has not received enough information about you to enroll you automatically. These are payments that you are entitled to, so Dely & Associates will help with filling out any information needed to get you the benefits you deserve.
The Canadian Pension Plan is a monthly, taxable benefit that can replace a portion of your income after retirement. This plan can continue for the rest of your life if you qualify for the plan. Qualifying requires being age 60 years or older, and making at least one contribution to the CPP. This can include work done from Canada, or credits received from a former spouse or common-law partner. The amount of money received is based on the average earnings made throughout your career. Contact our experts at Dely & Associates, and we will help you calculate your pension benefits to find your yearly earnings after retirement.
A Guaranteed Income Supplement is a monthly payment specifically for individuals 65 or older and have low income. Applicants must have an Old Age Security Pension, and income below $18,744 if single, divorced or widowed, $24,768 if your spouse/common-law partner receives the full OAS pension or $44.928 if your spouse/common-law partner either does not receive an OAS pension, or receives only the allowance of the OAS. Like the OAS, you will not be enrolled automatically if you have not given enough information. If you qualify, Dely & Associates can help you get these payments as well, and find what amount you’re entitled to.
The Child Tax Benefit is a tax-free monthly payment that gives financial assistance to applicable families with children under 18. The child disability benefit may be included if also applicable. Applicants of the benefit must be the primary caregiver of the child, and a citizen of Canada. They must also fit at least one of the following criteria:
- a Canadian citizen
- a permanent resident
- a protected person
- a temporary resident who has lived in Canada for the previous 18 months, and who has a valid permit in the 19th month
- an Indigenous person who meets the definition of “Indian” under the Indian Act
If you fit under any of this criteria and need help showing documents to successfully apply to these benefits, Dely & Associates can assist you.
The Disability Tax Credit is financial support for people with a disability or a person that supports them. It is non-refundable and lowers the amount of income tax that the individual needs to pay. To be eligible for a DTC, you must be approved for a Form T2201 Disability Tax Credit Certificate. Your disability must also be certified by a medical practitioner as both a severe and prolonged impairment. This certification must be filled out in a form by the practitioner. Dely & Associates can get the help you need to get the forms filled and approved, as well as calculate the amount of income tax that can potentially be reduced.
A Caregiver Credit can apply if your spouse or common-law partner, or their child, grandchild, parent, grandparent, sibling, uncle, aunt, niece or nephew, has a physical or mental impairment. It is a tax-free credit that can be claimed up to $2,273 for a spouse or common-law partner, or a relative of that spouse 18 years or older. For children that are 18 years old, a statement needs to be given showing that the child will need to be dependent for an indefinite period of time due to their physical or mental impairment. Dely & Associates can help with any family member that requires these edits, and all the necessary documents that would be needed for each one.
If you have a child at a university or college, they can claim a certain amount of tuition to receive a tax break. The tuition cost that remains is then carried over to another year in the future. The claim must come from an eligible institution; it can be outside Canada but only if the program is three-weeks long or more. If any amount of money the child has received is left over, it can be transferred up to a maximum of $5,000. However, it depends on how much money is owed. Dely & Associates can help you find how much money you can claim, and how much can be transferred based on what is owed.
The Climate Action Incentive gives applicable recipients a basic amount along with a 10% supplement. This applies only to residents of small and rural communities, and residents of Ontario, Alberta, Manitoba and Saskatchewan. To be eligible, you must also be 18 years of age or older, unless you have a spouse or common-law partner, or are a parent that lives with your child. If you are not a resident of Canada, were confined to a prison for 90 days or more within the year, an officer or servant of the government of another country (or a family member that lived with that person), or a children’s special allowance, you cannot claim this payment. Dely & Associates can help you claim this payment if you are entitled to it.
The Working Income Tax Benefit is a refundable tax for citizens of Canada earning between $3,000 and $24,111 per year. The highest benefit for one person is $1,355, and $2,355 for families, though people with disabilities may be entitles to additional benefits. The benefit applies when your income reaches $3,000, as you are given 26% of every dollar earned. To be eligible, you must also be over 19 (or under if you have a spouse/common-law partner), and earn $3,000 from employment but still have a taxable income under $24,112 (or $37,173 for families). If you are within this income bracket, you are entitled to this benefit, and Dely & Associates will help you through the process of applying and receiving it.
Why hire Dely & Associates?
Need help with accounting services for your business? Let the experts at Dely & Associates help you.
- To eliminate errors while saving you time, money, and stress.
- To assist with all finance-related work.
- To retain a trustworthy source of support.
- To help you make better business decisions.
- To give you guidance while planning for the future.
- To save you tax.
- To help you avoid audits.
- To facilitate CRA compliance.
