Ontario Trillium Benefit Lump Sum Payment- IMPORTANT INFO-

[katkit]

http://www.fin.gov.on.ca/en/budget/ontariobudgets/2013/bk4.html

According to that link- the government is proposing a choice for a lump sum payment for the 2013 tax year - in JUNE 2015! So you would still have to wait a year to get it.

So for those who think a lump sum is great to get with their taxes, the government is trying to make sure that does not happen, they want to keep your money for over a year after you file your taxes.

Defeats the purpose of a lump sum

[Lorene]

June 2015???  You mean June 2014.

Lorene

[Goldielover]

You tick the box on your 2013 tax return next year, but it is not for the 2013 tax year, you are letting them know in advance what you want done for the 2014 tax year.  You then receive your 2014 Trillium benefit as a lump sum - at the end of the 2014 benefit period.  This method of paying "in arrears" is the same way ODSP pays our benefits.  As far as I recall, it is pretty much the same as it used to be.  We got a lump sum for, say, 2011, based on our income when we filed our taxes in 2012.  What we are receiving monthly now is based on our 2012 tax return.  Next year in 2014 we will still be getting monthly payments based on our 2013 report, and then, depending on what box we ticked on our 2013 report, we will have the option of receiving a lump sum in 2015 (personally, I prefer monthly).  They never have paid us in advance.

On Friday, August 9, 2013 6:46:41 PM UTC-4, katkit wrote:

[Wade Suplat]

I got it this year, the lump some arrived in July. 

--
--
You received this message because you are subscribed to the Google Groups "ODSP Fireside" group.
To change email delivery, nickname or unsubscribe from this group visit:
 
Http://groups.google.ca/group/odspfireside/subscribe?hl=en
 
To post to this group via email, send email to odspfi...@googlegroups.com
 
 

[Goldielover]

Some people who were eligible for small amounts got it as a lump sum.  According to their site, if your benefit is under $360.00 for the year, then you get it as a lump sum.  Mine was almost $1100.00 for the year, and I got it paid monthly.

http://www.fin.gov.on.ca/en/credit/otb/faq.html#Q3

On Saturday, August 10, 2013 1:44:39 PM UTC-4, wsuplat wrote:

I got it this year, the lump some arrived in July. 

[Jay]

If your Ontario Trillium benefit is $360.00 or less you will receive a lump sum payment. If it is more than $360.00 , it will be paid out in monthly payments on the 10th of each month . More info at http://www.fin.gov.on.ca/en/credit/otb/

[jbkeh]

In advance of what?

 

This is a rebate of indirect taxes already paid. For example, we are currently being rebated the overtaxation we suffered throughout 2012. Note that there is a half year delay before this even commences. Think what this means - on average, the government had the use of half that overtaxation for 2012 and all of it for half of 2013. In total, that equates to use of all our overtaxation for a year.

 

Originally, we would have then been rebated our 2012 overataxation at the start of July 2013 in one lump sum.

 

But the government developed the scheme that they would dole it out in monthly payments over the following 12 months. This meant the government now has the use of our money (on average) for a further half year and now they get to use our 2012 overtaxation for (on average) a year and a half.

 

Here we have the final insult. If one were to be foolish enough to elect to receive one's overtaxation as a lump sum, they will keep their money for another entire year. If this scheme were in operation today and one were to make this choice, they would not get their 2012 overtaxation rebated until July 2014 and the government would have use of THEIR overtaxation for a full two years.

 

Never underestimate the contempt governemnts have for the poor. 

[Goldielover]

I actually find it much easier to budget with the monthly payments.  Also, as I do have a reserve cushion in the bank which is pretty close to my asset limit (I was working part time until recently), a lump sum Trillium payment could easily put me over the limit of what I am supposed to have, which would mean it could end up in ODSP's pocket if they dinged me for an overpayment.  I realize others may not be in that position.  The amount of interest I may have earned on that money had it been in my pocket is miniscule compared to what I risk losing if ODSP takes it.  I may change my mind on this next year when I leave ODSP, but for now monthly payments make more sense for me.

[SW]

I never saw an option when I filed my taxes this year. So, I figured that option was taken away yet again. Regardless, it will be what it will be. The government.

On Friday, August 9, 2013 6:46:41 PM UTC-4, katkit wrote:

[Goldielover]

The option wasn't there this year.  It will be on the 2013 tax return, which we won't do until next year. 

[SW]

Oh, of course. My error. I will have to look into that. I'd rather have a lump sum that would allow for financing larger issues/having money on hand, but if I have to wait to get it until the following year, then that's stupid.

On Friday, August 9, 2013 6:46:41 PM UTC-4, katkit wrote:

[SW]

Ok, so if I understand correctly, this option will be on next years tax return (2014 for 2013 taxes). If we choose the lump sum option, would that not mean we would get the Trillium benefit for 2014, up until the end of those payments until June 2015? Or do we have no money until 2015? I'm a bit confused on this system/factoring. What else is new--the government spends more time making things confusing.

On Friday, August 9, 2013 6:46:41 PM UTC-4, katkit wrote:

[katkit]

It would mean no money until 2015 if we choose lump sum payments on our 2013 tax return

On Friday, August 9, 2013 6:46:41 PM UTC-4, katkit wrote:

[SW]

That's a nice little scam. Does that mean we get the interest on it that they make?