Archived - Economic Action Plan 2015: Making Life Better for Canada’s Seniors
May 7, 2015 – Moncton, New Brunswick – Department of Finance
Finance Minister Joe Oliver today met with seniors at the Camden Park Terrace independent retirement community in Moncton to discuss how Economic Action Plan 2015 supports Canada’s seniors.
Economic Action Plan 2015 builds on the Government’s record of support for seniors with actions to:
- Introduce a new Home Accessibility Tax Credit for seniors and persons with disabilities to help them renovate their homes to make them safer, more secure and more accessible. This 15% tax credit would apply on up to $10,000 of eligible home renovation expenditures per year, meaning up to $1,500 in cash back in their pockets.
- Reduce the minimum withdrawal factors for Registered Retirement Income Funds to allow seniors to preserve more of their retirement savings so they can better support their retirement income needs.
- Extend Compassionate Care Benefits from the current six weeks to six months to ensure Employment Insurance benefits are available when Canadians need them most.
- Nearly double the Tax-Free Savings Account (TFSA) annual contribution limit, giving Canadians, including seniors, more room to save money tax-free. At the end of 2013, about 46% of individuals who contributed the maximum amount to their TFSAs were seniors.
- Provide up to $42 million over five years in Baycrest Health Sciences to support the establishment of the Canadian Centre for Aging and Brain Health Innovation.
Director of Communications
Office of the Minister of Finance
Department of Finance
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