Ontario Passes Bill Providing Tax Relief To Seniors
McGuinty Government Helps Ontarians With Energy Costs and Property Taxes
The McGuinty government is boosting tax relief for Ontarians to help with energy costs and property taxes.
The enhanced Ontario Energy and Property Tax Credit benefits more Ontario seniors by increasing the amount they can earn and still be eligible for the credit. Ontarians who own or rent a home could receive up to $900 in tax relief, and seniors are able to claim up to $1,025. Over 740,000 seniors will benefit from this enhancement.
This tax credit is just one of many measures the government has introduced to help Ontarians with household costs through the Open Ontario plan. Last week, the government introduced the proposed Ontario Clean Energy Benefit, which would give more than four million Ontarians, and more than 400,000 small businesses, farms and other consumers a 10 per cent benefit on their electricity bills for the next five years, effective January 1, 2011.
- Overall, the enhanced Ontario Energy and Property Tax Credit would provide $525 million more than the property tax credit relief provided in 2009, for a total relief of almost $1.3 billion annually for 2.8 million Ontarians.
- Ontarians would be able to apply for the Ontario Energy and Property Tax Credit starting with their 2010 tax returns.
- A new Northern Ontario Energy Credit will also provide an annual credit of up to $130 for a single person and up to $200 for low- to middle-income northern families living in the north.
“Seniors have worked hard and helped build the province we enjoy today. We're making things a little bit easier for seniors by providing some help with household costs.”