The province is boosting tax relief for Ontario seniors to help with energy costs and property taxes.
By increasing the amount seniors can earn and still be eligible for the proposed Ontario Energy and Property Tax Credit, more Ontario seniors would benefit.
Under the program, Ontarians who own or rent a home could receive up to $900 in tax relief, with seniors able to claim up to $1,025 in tax relief, stated a press release.
“Seniors have worked hard and helped build the province we enjoy today. This proposed change would make things a little easier for seniors on a fixed income by providing some help with the cost of maintaining their households,” Rick Bartolucci, Sudbury MPP, said, in the press release.
With this proposed enhancement, 50,000 more seniors would be eligible for the credit and another 690,000 seniors would receive a higher amount.
Ontarians would be able to apply for the Ontario Energy and Property Tax Credit starting with their 2010 tax returns and, for 2010, would receive the tax credit after they file their tax returns.
For subsequent years, the tax credit would be paid quarterly, like the new Ontario Sales Tax Credit.
Overall, the proposed Ontario Energy and Property Tax Credit would provide $525 million more than the property tax credit relief provided in 2009, for a total of about $1.3 billion annually to 2.8 million Ontarians.
