Support for Canadian Seniors
Today Prime Minister Stephen Harper announced new support for single and widowed seniors in Canada. A re-elected Conservative Government will establish a $2,000 Single Seniors Tax Credit that will extend additional annual tax relief to nearly 1.6 million single and widowed seniors in Canada who have pension income. When combined with the existing $2,000 Pension Income Credit that is claimed by 4.6 million seniors already, this new measure will double the tax relief available to single seniors annually, beginning in January 2017.
“We know that single and widowed seniors can face unique financial challenges,” Prime Minister Harper said. “This new Single Seniors Tax Credit is an affordable and targeted way to provide vulnerable seniors with added tax relief.”
Seniors at all income levels are benefitting from the tax cuts and enhanced benefits introduced by the Harper Government:
• Tax-Free Savings Accounts have provided 2.7 million seniors with a secure and flexible savings option that protects their money from being eroded by taxes.
• Pension Income Splitting is providing significant tax relief to over 1 million senior couples.
• Increases to GIS benefits are helping Canada’s most vulnerable seniors.
• And increases to the Age Credit and the Pension Income Credit are providing significant tax relief to eligible seniors.
As a result of these measures, about 400,000 seniors have been removed from the tax rolls completely. “Canada’s seniors have saved and worked their entire lives,” said the Prime Minister. “Conservatives believe that seniors know best how to make financial decisions about their futures and their retirement. So we’re working to help them keep more of their own money, rather than creating expensive programs that will raise their taxes even higher.”
Prime Minister Harper observed that the Liberal and NDP promises would lead to higher taxes and out-of-control spending. “Canadian seniors – many living on fixed incomes – can’t afford Justin Trudeau’s deficit plans or the NDP’s carbon taxes. Both will put at risk the retirement savings of millions of Canadian seniors.”