McGuinty Government Keeping Commitment To End Senior's Tax Credit, Tackle Deficit

Archived Release

McGuinty Government Keeping Commitment To End Senior's Tax Credit, Tackle Deficit

Ministry of Finance

TORONTO, Nov. 14 - The McGuinty Government is keeping a key commitment to tackle the Province's $5.6 billion deficit by halting the implementation of the Ontario Home Property Tax Credit for Seniors. "We are keeping our commitment to stop this planned tax credit," Finance Minister Greg Sorbara said. "With a $5.6 billion deficit inherited from the previous government, it's more urgent than ever that we halt the previous government's irresponsible and unaffordable tax cuts." The property tax credit for seniors was passed into law in June 2003, but no payments were ever made to seniors. Regulations passed by Cabinet spell out the implementation details, and the McGuinty government effectively halted the program by revoking the regulations last week. In the fall session of the Legislature, the government intends to propose legislation to repeal the program entirely. "Our government appreciates the contributions of seniors and understands their needs. We know seniors value public services and we will work towards ensuring that they have the help and support they require," Sorbara added. Low or modest income seniors will continue to be eligible to receive up to $1,000 in credits annually per household under the existing Ontario Property and Sales Tax Credits in the Income Tax Act. The McGuinty government is committed to delivering responsible government that puts the public interest first, for a change. Disponible en fran├žais For more information visit www.gov.on.ca/finFor further information: Contact: Boni Fox Gray, Ministry of Finance, (416) 212-2155