Tax Man Cometh – Grinch Time in Ontario for Low Income Canadians as Tax Credit impacts thousands during the Holidays – December 2, 2011

Tax Man Cometh – Grinch Time in Ontario for Low Income Canadians as Tax Credit impacts thousands during the Holidays – December 2, 2011

CFN – If you’re on a fixed income or low wage earner in Ontario you’ll be singing the blues this holiday season; especially if you are one of those that use tax discounters to file your yearly taxes.

The governments have changed the way that residents can get their tax credits for the Ontario Energy and Property tax credits.   It will impact how much money people get back when they poor need it most; at the holidays.

I spoke with Kevin Bradshaw from Cornwall Accounting and Tax Consulting ( 613 937 3347 ) who shared that the tax credits are being broken into quarterly payments only starting in July.

The government now doesn’t have to release millions of dollars of cash at one time and spreads the costs while impacting those that can least afford it.

The impact on business will also be painful as many depend on holiday sales to make or break their years as well as entertainment industries.

Is this going to hurt your Christmas?  You can post your comments below.     And if you’re a retailer please email us at info@cornwallfreenews.com if you wish to be interviewed for the update on this story.

Cornwall Free News

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