Tax Relief for Seniors
Posted November 24th, 2007 in Community, Seniors' Issues
There are new tax relief measures to help seniors keep more of their money.
Less of Senior’s Income Will be Taxed
The Government of Canada has reduced taxes for low-and middle-income seniors aged 65 and older. The maximum age amount is raised to $5,177 for 2007. That means less of your income will be taxed.
Pension Income Splitting
When you file your income tax you will be able to transfer up to half of your eligible pension to the partner or spouse with the lower income.
RRSP Age Limit Increased
As an incentive for older Canadians to work and save the age limit has been increased from 69 to 71.
More Tax Relief
- new maximum amount eligible for the spousal or partner credit of $8,929 means an additional tax relief of $209
- doubling of the maximum amount eligible for the pension income credit of $2,000, for a tax credit reduction for 2007 of up to $310
- tax credit for eligible transit passes
- lowering of the GST to 6%
For more information call 1.800.959.8281 (Monday to Friday)
