You hear a lot of talk around tax time about the many incentives and different types of tax credits that you may be eligible for, and this may be one reason that spurs you on to getting your taxes done and over with.
For those rare refundable tax credits it is really nice to see that you are actually getting a little cash back that is going into your pocket. The Trillium benefit is one of those. At least periodically you can anticipate getting a check in the mail from the CRA. However, you may not be aware that for the near future you can elect to receive this particular benefit in one lump sum. You have to specifically apply for this option, and it would apply to those Trillium payments that would normally start from July 2014. The thing is though you would not receive this lump sum payment till June 2015. So you could look at this as a way of saving perhaps and enjoy this tax benefit amount all at once.
This particular tax benefit is actually three benefits in one. It covers the sales tax, Ontario energy and property tax credit as well as the Northern Energy tax credit. You would have to be eligible for any of these in order to receive a Trillium benefit. Also how much you receive depends on your particular tax status.
There are other tax credits that you are most likely eligible for as well, and these are often missed. When you use the services of a Toronto accountant this is just one area of your tax obligation that he will scrutinize to ensure you are getting as many tax breaks as possible.
You may have noticed in the past if you have done your own tax returns that the general tax guide always lists what is new for that particular tax year. For the 2013 tax year there really isn’t anything that is startling. The CRA points out that they have increased most of the non refundable tax credits and the income levels have increased according to the consumer pricing index. This may mean a few dollars more to you by way of tax savings.
Nobody enjoys doing taxes except those that are in store for a good refund. They must be done however, because avoiding them can really put you in a tough tax situation where you will end up paying and owing a whole lot more than your original amount. The CRA is tough when it comes to penalties and interest so as much as you dislike this task it is best to get at it.
