Harper Government is Further Increasing its Support for Seniors Across Canada

MONCTON, NEW BRUNSWICK--(Marketwired - June 25, 2015) - Canada Revenue Agency

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, and Robert Goguen, MP of Moncton-Riverview-Dieppe, met with residents at the Peoples Park Tower today to promote the Government of Canada's support for seniors through tax relief measures, such as pension income splitting, the family caregiver amount, the public transit amount, the disability tax credit, and higher allowable contributions to Tax-Free Savings Accounts, as outlined in Economic Action Plan 2015.

The federal Government has made supporting seniors a priority and recognizes the pivotal role they have played in building Canada's economic prosperity. Seniors can access a variety of tax relief measures to help them keep as much of their hard-earned money as possible.

Quick Facts

• With tax relief measures proposed in Economic Action Plan 2015, the Government of Canada is making available up to $1,310 in tax savings for single Canadian seniors and up to $3,160 for senior couples.
• Through EAP 2015, the Government of Canada has also proposed a new Home Accessibility Tax Credit starting with the 2016 tax year. This proposed 15-per-cent non-refundable income tax credit would apply on up to $10,000 of eligible home renovation expenditures per year, providing up to $1,500 in tax relief. Eligible expenditures will be for improvements that allow a senior or a person who is eligible for the Disability Tax Credit to be more mobile, safe and functional within their home.
• Introduced in 2009, the Tax-Free Savings Account (TFSA) provides Canadians with a tax-efficient savings vehicle to help meet ongoing savings needs. EAP 2015 proposes to increase the TFSA annual contribution limit from $5,500 to $10,000, effective January 1, 2015. Canadians can immediately start contributing to their TFSA up to the proposed $10,000 annual contribution limit.
• EAP 2015 also proposes providing up to $42 million over five years to help establish the Canadian Centre for Aging and Brain Health Innovation, to be located within Baycrest Health Sciences in Toronto.
• Through pension income splitting, seniors may be eligible to split up to 50% of their eligible pension income with their spouse or common-law partner.
• The family caregiver amount may be claimed for an eligible dependant with impairment in physical or mental functions.
• Seniors who use public transit may be able to claim the public transit amount on their income tax and benefit return to increase their savings at tax time.
• If you have a severe and prolonged impairment in physical or mental functions, you may be entitled to claim the Disability Tax Credit.

For more information on these and other credits, go to www.cra.gc.ca/seniors.

Quotes

"Our Government is proud to help seniors who have built our country and continue to make valuable contributions to our communities, workplaces, and society. Tax reductions give Canadian seniors and their families greater flexibility to make the choices that are right for them in their golden years."
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue

"Our Government is dedicated to providing support and resources for seniors across Canada. Our demonstrated track record on creating and enhancing tax benefits and credits for seniors will continue to make a positive difference in the lives of Canadians. We have been working hard to ensure that seniors keep their hard-earned money in their pockets."
Robert Goguen, MP of Moncton-Riverview-Dieppe

"The initiatives proposed by Economic Action Plan 2015 will greatly benefit seniors across Canada. The Government of Canada has clearly made seniors a priority, and has made significant strides in helping them gain or maintain economic stability."
Kelly Bastarache, Community & Senior Services Manager at Peoples Park Tower

Associated Links

Pension income splitting

Family caregiver amount

Public transit amount

Disability Tax Credit

Tax-Free Savings Account (TFSA)

Age amount

Pension income amount

Medical expenses

Amounts transferred to spouse or common-law partner

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