What benefits can I get from the government?
Many Canadian Millennials don't realize the amount of government benefits available to them. Luckily, altruWisdom has a place where most Canadian benefits can be found.
Many suggest that us, millennials have it harder than the previous generations. In some ways that may be true, but here at altruWisdom we choose to have a different outlook. Our generation has access to many more opportunities, tools and knowledge that the generations before didn't have the chance to enjoy.
This article is dedicated to Canadian federal, provincial and local benefits. Whether you are thinking of going to school, looking for employment, buying your first home or starting a family, there are many resources to get you off to a great start and help you financially.
Most benefits can be found in our Benefit section of each life event, which you can use even with our free 7-day trial. We work diligently on updating these benefits constantly to ensure you receive the most up to date options, eligibility requirements and application process details.
Below are a few examples of benefits many millennials don't know about and could potentially take advantage of.
Lifelong Learning Plan. The Lifelong Learning Plan (LLP) allows you to withdraw amounts from your RRSPs to finance full-time training or education for you or your spouse or common-law partner. This benefit is highly under-utilized but is fairly flexible, so if you are looking to get to kickstart your education or wish to return back to school, this could be a great option for you.
Home Buyer's Plan. The Home Buyers' Plan (HBP) is a program that allows you to withdraw funds from your registered retirement savings plan (RRSP) to buy or build a qualifying home for yourself or for a related person with a disability. There's been recent favourable changes to the plan, increasing the withdrawal limit from $25K to $35K, so make sure you get on board and take advantage of this great benefit.
Canada Child Tax Benefit. Canadian government is quite generous when it comes to children. Apart from Child Tax Benefit there are many other benefits available on provincial and local level. Since this topic is quite hot, we've put together an article about childcare benefits.
Canada Job Grant. The Canada Job Grant (CJG) is a Canadian government funding program designed to reduce the costs of providing third-party skills training to Canadians currently employed or looking for employment opportunities. Canada Job Grant allocates upwards of $194M annually to support building the skills of Canadians so that they can perform new tasks and become more employable.
GST & HST New Housing Rebate. This program provides a rebate on the goods and services tax (GST) or the harmonized sales tax (HST) paid on the construction or purchase of newly constructed or substantially renovated homes. Ever received checks in the mail for GST and/or HST? That's what they are.
Important thing to remember is that the more Canadians take advantage of these benefits, the more demand will be produced for the addition of new programs. There are in place for a reason, to help individuals to make the best of their life during various life events.
You can access all benefits in our Benefit Finder tool by starting your free trial today. There are many resources out these which can put money in your pocket by the end of the month.