Health News For South West
Friday, October 05, 2012
Ministry of Finance
Ontario Offering More Families Lump-Sum Payments
Ontario is increasing the number of people who will receive one-time lump-sum payments under the Ontario Trillium Benefit.
The increased threshold to $360 from $240 a year means that more people will get their yearly benefit in a single payment, delivered each July. Recipients entitled to more than $360 in benefits for the year will continue to receive monthly payments.
The Ontario Trillium Benefit combines three credits for property tax, sales tax and energy costs into one convenient monthly payment. Ontarians now get their money sooner and on a predictable schedule, as bills are received, rather than having to wait until they file next year's tax return.
It also allows Ontarians to keep more of their money instead of paying it to companies that may have helped them file their taxes. These companies are paid through a percentage of the total tax return amount.
The Ontario Trillium Benefit is part of the McGuinty government's ongoing commitment to provide relief to Ontarians with modest incomes and supports the Poverty Reduction Strategy.
Quotes:
"The new level for single payments means more people will get their money once a year — giving them the choice of how to manage their expenses. Above that threshold, people will continue to get predictable and regular payments every month to help them make ends meet as the bills come in."
- Dwight Duncan, Minister of Finance
"All families have challenges from time-to-time in paying their bills, and waiting for a tax refund for an entire year can be much harder than having the money come once a month. The monthly Ontario Trillium Benefit helps families to budget. It’s money they can count on."
- Evelyn Jacks, Federal Task Force on Financial Literacy
Quick Facts:
- An estimated $580 million in tax credit entitlements have already been provided to over three million families and individuals, in advance of the 2013 tax season.
- Before the Ontario Trillium Benefit was created in July 2012, Ontario paid the three tax credits in quarterly payments.
- With the increase in the annual threshold to $360 from $240, it is estimated that almost one million more people will receive a lump-sum payment beginning next July.
Learn More:
Media Contacts:
For public inquiries call ServiceOntario, INFOline at 1-866-532-3161 (Toll-free in Ontario only)
Aly Vitunski
Minister’s Office
416 325-9819
Scott Blodgett
Ministry of Finance
416 325-0324
© 2013, thehealthline.ca All rights reserved.