Posted on Wednesday, 9th February 2011 by James Martin
A research report titled Financial Literacy and Take-up of Government Benefits submitted to the Task Force on Financial Literacy contains fascinating information on what percentage of Canadians actually take advantage of Government benefit programs that they are eligible for.
- 4% of eligible seniors are not receiving OAS payments; this rate represents about 160,000 seniors and accounts for almost $1 billion of pre-tax benefits.
– It is estimated that 135,000 to 150,000 senious do not receive a GIS to which they are entitled. 80% of those who miss out on the GIS are women, particularly those who are very elderly.
– 55,000 eligible Canadians representing about 1.8% of the beneficiaries were missing out on CPP retirement benefits (HRSDC data from 1999).
– 95% of eligible families with children receive the Child Tax Benefit.
– Only 16% of children eligible for the Canada Learning Bond ($500 in the first year and $100 thereafter) receive it.
– The take-up of the Canada Education Savings Grant is reported to be 39.3%.
– Only 50% of households headed by individuals aged 55-64 and without an employer pension have an RRSP.
– In 2007, only 31% of eligible tax payers made use of their RRSP contribution room.