FILING TAXES THE KEY TO BENEFITS 2018 (based on 2017 income thresholds)

Transcription

1 Example #1 - Single parent Two Children ages 2 & 4 Employed part time Annual employment income $ PLUS Benefits based on tax filing: GST Refundable Credit $ ($ paid quarterly) Canada Child Benefits: $ ($ paid monthly) Working Income Tax Benefit: $ (with refund OR part paid quarterly) MB Rent Assist Benefits: $ ($ paid monthly) Manitoba Child Benefit $ ($70.00 paid monthly) Mb Personal Tax Credit $ (refund upon tax filing) TOTAL ADDITIONAL BENEFITS $

2 Example #1 - Single parent Two Children ages 2 & 4 Employed part time Annual employment income $ PLUS Benefits based on tax filing: GST Refundable Credit $ ($ paid quarterly) Canada Child Benefits: $ ($ paid monthly) Working Income Tax Benefit: $ (with refund OR part paid quarterly) MB Rent Assist Benefits: $ ($ paid monthly) Manitoba Child Benefit $ ($70.00 paid monthly) Mb Personal Tax Credit $ (refund upon tax filing) TOTAL ADDITIONAL BENEFITS $ TOTAL ANNUAL INCOME $ ($ )

3 Example #2 Single parent with disabled child Two Children ages 2 & 4 One child is disabled and eligible for the Disability Tax Credit Employed part time Income of: $15000 from employment

4 Example #2 Single parent with disabled child Two Children ages 2 & 4 (One Child is Disabled) Employed part time Annual employment income $ PLUS Benefits based on tax filing: GST Refundable Credit $ ($ paid quarterly) *Canada Child Benefits: $ ($ paid monthly) Working Income Tax Benefit: $ (with refund OR part paid quarterly) MB Rent Assist Benefits: $ ($ paid monthly) Manitoba Child Benefit $ ($70.00 paid monthly) *MB Personal Tax Credits $ (refund upon tax filing) MB Primary Caregiver credit $ (refund upon tax filing) TOTAL ANNUAL INCOME $ *includes supplemental disability benefit

5 Example #3 Widowed Senior - EMPLOYED aged 60, Disabled, Never remarried or in common-law relationship since death of spouse Part time job $4800 annually CPP Survivor Pension $3000 annually Total $7800

6 Example #3 Widowed Senior - EMPLOYED aged 60, Disabled, Never remarried or in common-law relationship since death of spouse Part time job $ CPP Survivor Pension $ PLUS: Benefits based on tax filings Allowance for the Survivor $ * ($ monthly) GST Refundable Credit $ (paid quarterly as $108.25) Working Income Tax Benefit $ ** Mb Rent Assist $ *** Mb refundable credit $ (net personal tax credit) Mb STAT 55+ $ (school tax rebate for tenants 55+) Total $ *first $3500 of employment earnings excluded in the calculations for OAS supplement programs **Benefit amount can be paid as a 50% advance paid quarterly and the remaining 50% paid with tax refund *** Rent Assist Amount per on line estimator calculated INCLUSIVE of Allowance for Survivor - amounts could be higher due to benefits for consumers with OAS income calculated based on a rolled back income level

7 Example #4 Widowed Senior NOT employed Age 60, Disabled, living in private rental market Never remarried or in common-law relationship since death of spouse CPP Survivor Pension $

8 Example #4 Widowed Senior NOT employed Age 60, Disabled, living in private rental market Never remarried or in common-law relationship since death of spouse CPP Survivor Pension $ PLUS: Benefits based on tax filings Allowance for the Survivor $ ($ per month) GST Refundable Credit $ (paid quarterly as $108.25) Mb Rent Assist $ *** Mb refundable credit $ (net personal tax credit) Mb STAT 55+ $ (school tax rebate for tenants 55+) Total ($ $ ) $ *** Rent Assist Amount per on line estimator calculated INCLUSIVE of Allowance for Survivor - amounts could be higher due to benefits for consumers with OAS income calculated based on a rolled back income level

9 Example #5 Senior couple both over 65 paying $950 per month rent in private rental market Old Age Security spouse 1 $ Old Age Security spouse 2 $ CPP Retirement Pension $ Registered Pension $ Total Income without tax filing: $

10 Example #5 Senior couple both over 65 paying $950 per month rent in private rental market Old Age Security spouse 1 $ Old Age Security spouse 2 $ CPP Retirement Pension $ Registered Pension $ PLUS: Benefits based on tax filings GIS spouse 1 $ ($ per month) GIS spouse 2 $ ($ per month) GST Refundable Credit $ (paid quarterly as $142.00) Mb refundable credits $ * Total ($24320+$ ) $ *includes net personal tax credits and Mb Education/Property tax credit (rent credit)