Everyone tends to hold their breath when they know a new budget is about to hit the table in Ontario. This year of 2016 has been no different, although it has left some very disgruntled while others are quite happy. W hich category you fall into is all going to come down to your age and circumstances.
If you are senior then you are certainly not happy unless you definitely fall into the low income bracket. If you happen to be a senior who worked hard all their life and managed to build up a solid financial realm for your senior years then you may be in the mid income bracket and as a result of this you are going to suffer for it somewhat according to the new budget. This focuses around your medication and how much more you will have to pay for it. It could be most unfortunate for you if you are a senior that has to take a lot of medications which many do at this age. At the same time the changes will be advantageous to many because the income thresholds will be increased. In the future there is going to be a complete overhaul of the medication program for seniors, so we can only wait to see what this will be.
If you are a parent that is in the low income bracket and have kids that will soon be going to college or university then the budget was good news for you, provided you can qualify for having the government cover the tuition.
There were lots of other highlights outlined in the budget and although these have a lesser impact on many there are always specific groups that these either appeal to or set up an opposition to them. It is always worth reading any budget through in its entirety so you get a clear picture of everything that it covers. You can then weed out those issues that don’t apply to you then pay more attention to those that do. This way you can see if you need to make any adjustments to your lifestyle so you can off set the negatives. Or perhaps capitalize on the positives. For example in this budget there is supposed to be an expansion of home care nursing hours. This would be important to those have sick family that need home care.
Part of the budget pertains to the cap and trade program and this is most likely going to have some impact on almost everyone, so again it is worth gaining some basic understanding as to what it is all about.
At the same time as all of this we are in tax season, so while you may be concerned as to what is taking place in the budget don’t forget to capitalize on your current tax breaks and ensure that you use a good accountant to help you with your tax filing.
