Living on Low Income
Living on a low income means that often you have to work twice as hard just to stay afloat, never mind getting ahead. All of your money goes to the here and now, and you never get the opportunity to build wealth for tomorrow. Here are some resources just for you.
File Your Taxes, Get Your Benefits
The best thing you can do when living on a low income is file your taxes.
- By filing your taxes, you are making sure you get all the benefits you're entitled to. This includes GST, Child Care Benefits, Old Age Security and a lot more.
- Also, by filing your taxes you become eligible for grants, bonds and subsidies that you wouldn't be able to access otherwise. If you need old slips or paperwork to file your taxes, you can contact the Canada Revenue Agency for help.
- If you need help filing your taxes — maybe it's been a few years or you don't know where to start — you can contact SEED Winnipeg and ask about their Access to Benefits program. They may be able to help you get all the things you need to start filing your taxes and building up your income.
Open a Registered Education Savings Plan (RESP)
Even though money is tight you can still build a strong future for your children by opening an RESP. It doesn't cost anything to open and there is extra money available to low income families to help you save for your children's future. All that is required is that you and your children both have a Social Insurance Number (SIN). By opening an RESP for your child you can also apply for the Canada Learning Bond. Depending on your income, the Canada Learning Bond can add up to $2,000 to your child's education fund.
There are many different resources available in every community that can help make life easier. Assiniboine works with a variety of non-profit organizations that support people living on a low-income that may be of interest.
If you would like to learn more about asset building and matched savings, community referrals, or are just looking for some place to start, our Financial Access Programs are a great resource. Look for a partner in your neighbourhood, as they may offer more services that could be helpful.