The Government is Helping Seniors Become More Prosperous and Secure
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.
“Over a lifetime, you have helped build a Canada that is strong, prosperous and secure. On behalf of our Government, I would like to thank you. But more than thanking you, our Government is empowering you. We want to help you become stronger, more prosperous and more secure. Seniors and pensioners are now receiving $3 billion in additional annual targeted tax relief as a result of actions taken by the Harper Government since 2006. And because of our Government, more than 400,000 seniors have been removed from the tax rolls altogether. With Economic Action Plan 2015, our Government is continuing to deliver on this commitment, and taking it to the next level.”
– Joe Oliver, Minister of Finance