It doesn’t appear as though there is anything newer than the senior tax breaks that we outlined in the Economic Action Plan 2015. Basically these all evolve around the pension income splitting, the family caregiver amounts, and includes amounts for public transit as well as the disability tax credit. It also covers the tax free saving accounts that now allows for higher contributions.
While this sounds like a lot what does it really do for the majority of seniors in Canada?
It does allow them to save more through their tax free account which is great for those that have a little bit of extra money and can afford to save.
Then there is a new proposal for a new home accessibility tax credit, which would start in 2016. This consists of a 15% non refundable tax credit that can be applied on up to $10,000. for eligible home renovation expenses. Sounds good doesn’t it? Except the eligible expenditures are only applicable for those who qualify for the disability tax credit. So it really doesn’t do anything by way of prevention. For example a senior who doesn’t qualify for the disability tax credit cannot make use of this. Yet, if they were able to make some home improvements it just might prevent them from becoming disabled where they would then need the disability tax credit.
Now here is another one proposed in the action plan. The Government would provide up to $42 million to establish the Canadian Centre for Aging and Brain Health innovation. This funding is to be spread over five years and it would be located within the Baycrest Health Sciences. How accessible is this to Canadian seniors scattered across the country?
For senior using the public transit they may be able to claim their transit costs. Great, but how many seniors are able to use the public transit system comfortably? A good majority of them require the use of a taxi.
It really is important to look at all of these seniors benefits and apply them as applicable to an average Canadian senior and determine just how valuable are they? It seems almost ludicrous to talk about tax free savings plans when so many Canadian seniors are living hand to mouth, and many can’t even afford to buy the proper nutrition.
The cost of living for a senior is no less than for any other average citizen yet their income is far less. Time would be better spent on producing equality for the seniors of Canada.
