The tax package includes a number of tax credits and benefits that help seniors, who may face financial pressures.
Enhanced Tax Credits for Seniors
The Ontario Energy and Property Tax Credit provides up to $1,044 to seniors, and the Ontario Sales Tax Credit provides up to $265 a year for each person in a low- to moderate-income family. Both were enhanced in 2010 to better reflect circumstances facing low-income seniors. Senior couples receiving the guaranteed minimum level of income from governments can receive the full benefit of these credits.
Transition Support
The Ontario Sales Tax Transition Benefit delivered three payments of up to $1,000 for families, including senior couples, and up to $300 for single people to help them adjust to the HST.
Senior Homeowners' Property Tax Grant
The Ontario Senior Homeowners' Property Tax Grant is an annual benefit to help offset property taxes for seniors with low to moderate incomes who own their own homes. The maximum grant is $500.
Ontario Clean Energy Benefit
To help Ontario seniors through the transition to a cleaner electricity system, Ontario now has a Clean Energy Benefit. The benefit provides a 10 per cent rebate to help manage rising electricity prices for the next five years.
