Thursday, March 30, 2017
55 York St
hamilton, ON L8R3K1
It's almost tax time. But this year, filing taxes could mean hundreds of dollars in additional income for families in Hamilton!
Join us next Thursday (March 30th) at 12:30pm at the Hamilton Public Library to learn more:
Several new financial benefits have become available to Canadian (and Ontario) families over the last couple of years. In July, 2016 the Canada Child Benefit was launched by the new federal government and provides financial support to families with children under the age 17. A higher benefit is provided for children under the age of 6.
A family with two children and an income of $28,000 could potentially receive more than $900/month, $11,000/year under the new program. While the benefit is higher for lower income families, middle income families earning up to $120,000 annually may also receive a portion of the CCB.
The Canada Child Benefit complements other tax-credit programs to help alleviate poverty amongst low income families, but many of these benefits must be accessed through filing taxes. It's also important to note that the CCB isn't clawed back from families in receipt of social assistance.
According to a recent analysis of tax-filer data, as many as 7,000 families in Hamilton may be eligible for the Canada Child Benefit, but have not filed taxes and so are not able to access this entitlement. This could represent as many as 13,000 children – half of those who currently experience poverty in Hamilton. Apart from the loss of potential income to families to assist with housing, extended health care costs, child care, nutritious food and social inclusion, there is also a potential net loss of $42 million annually to the Hamilton economy.
It's really important to get the word out through our networks to encourage those who may not otherwise file taxes, to do so. This year we're going to be working to direct people to free existing tax clinics; next year we hope to expand the tax clinics available in the community.
On Thursday, we'll be joining the City of Hamilton, the United Way and other community partners to launch a community awareness campaign about the importance of filing taxes. We'll have volunteers on site to help families complete their taxes too!
Please join us!!