Minister Findlay highlights the increases in credits and benefits available to seniors in EAP 2015
June 25, 2015 Moncton, New Brunswick 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.
- 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.
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Rebecca Rogers
Director of Communications
Office of the Minister of National Revenue
613-995-2960
Philippe Brideau
Media Relations
Canada Revenue Agency
613-941-6269
