Revamped tax credit will boost seniors

News Nov 22, 2006 Flamborough Review

Hamilton seniors with limited incomes, will get some extra cash in this year's budget.

Politicians last week approved a revamped Senior's Tax Credit program that will provide a tax rebate of $150 for more than 4,720 seniors. Last year the tax credit was $135, and was distributed to 2,980 people.

"I'm extremely pleased and extremely encouraged by this program," said Hamilton councillor Tom Jackson. "It will increase seniors' incomes and their threshold."

The redesigned tax credit was met by near unanimous praise from politicians when it was unveiled to the budget committee last week.

Under the new criteria, the tax rebate will be available to people age 65 and over with an income level of 150 per cent of the guaranteed income supplement (GIS), which would be about $26,000 per year in 2006. In addition, the person's household must have an assessment of about $263,200.

Previously, the eligibility criteria was 65 years of age and over with an income of $25,000 per year and a residential assessment of $189,000.

New criteria

Under the new criteria, the GIS is based upon a couple's earning power. Previously the criteria was based upon a single person.

If only a single person is living in the household, the person will receive the tax rebate, said Joe Rinaldo, general manager of corporate finance.

Even though city officials expect up to 43 per cent more people will take advantage of tax credit program, Rinaldo said the 2006 program's cost will only increase by about $30,000-$450,000 this year. There will be about 29,000 households owned by people age 65 or older in 2006.

"Less people were qualifying for the program," said Hamilton councillor Chad Collins. "It's great to see (the program) more inclusive."

Hamilton councillor Brian McHattie also applauded the new criteria, saying it will benefit the many seniors living in his Ward 1 area.

"It will help all seniors stay in their homes," he said.

But Flamborough councillor Dave Braden was concerned if the program will be able to withstand the expected pressure of more older residents living in Hamilton. Based upon the city's demographic projections, staff believe Hamilton's population will become older due to the aging baby boomer generation.

Rinaldo said city staff have forecast the implications of what an older population will have on the program until 2021. He said the tax credit can hold up under the financial program.

"This is for seniors with the greatest need," said Rinaldo.

Hamilton also provides property tax rebates for seniors on limited incomes, said Rinaldo. For instance, a person with a $25,000 income, receives about $830, while a person with an annual income of $35,000 gets $500 back and a person earning $45,000 receives $170.

Revamped tax credit will boost seniors

News Nov 22, 2006 Flamborough Review

Hamilton seniors with limited incomes, will get some extra cash in this year's budget.

Politicians last week approved a revamped Senior's Tax Credit program that will provide a tax rebate of $150 for more than 4,720 seniors. Last year the tax credit was $135, and was distributed to 2,980 people.

"I'm extremely pleased and extremely encouraged by this program," said Hamilton councillor Tom Jackson. "It will increase seniors' incomes and their threshold."

The redesigned tax credit was met by near unanimous praise from politicians when it was unveiled to the budget committee last week.

Under the new criteria, the tax rebate will be available to people age 65 and over with an income level of 150 per cent of the guaranteed income supplement (GIS), which would be about $26,000 per year in 2006. In addition, the person's household must have an assessment of about $263,200.

Previously, the eligibility criteria was 65 years of age and over with an income of $25,000 per year and a residential assessment of $189,000.

New criteria

Under the new criteria, the GIS is based upon a couple's earning power. Previously the criteria was based upon a single person.

If only a single person is living in the household, the person will receive the tax rebate, said Joe Rinaldo, general manager of corporate finance.

Even though city officials expect up to 43 per cent more people will take advantage of tax credit program, Rinaldo said the 2006 program's cost will only increase by about $30,000-$450,000 this year. There will be about 29,000 households owned by people age 65 or older in 2006.

"Less people were qualifying for the program," said Hamilton councillor Chad Collins. "It's great to see (the program) more inclusive."

Hamilton councillor Brian McHattie also applauded the new criteria, saying it will benefit the many seniors living in his Ward 1 area.

"It will help all seniors stay in their homes," he said.

But Flamborough councillor Dave Braden was concerned if the program will be able to withstand the expected pressure of more older residents living in Hamilton. Based upon the city's demographic projections, staff believe Hamilton's population will become older due to the aging baby boomer generation.

Rinaldo said city staff have forecast the implications of what an older population will have on the program until 2021. He said the tax credit can hold up under the financial program.

"This is for seniors with the greatest need," said Rinaldo.

Hamilton also provides property tax rebates for seniors on limited incomes, said Rinaldo. For instance, a person with a $25,000 income, receives about $830, while a person with an annual income of $35,000 gets $500 back and a person earning $45,000 receives $170.

Revamped tax credit will boost seniors

News Nov 22, 2006 Flamborough Review

Hamilton seniors with limited incomes, will get some extra cash in this year's budget.

Politicians last week approved a revamped Senior's Tax Credit program that will provide a tax rebate of $150 for more than 4,720 seniors. Last year the tax credit was $135, and was distributed to 2,980 people.

"I'm extremely pleased and extremely encouraged by this program," said Hamilton councillor Tom Jackson. "It will increase seniors' incomes and their threshold."

The redesigned tax credit was met by near unanimous praise from politicians when it was unveiled to the budget committee last week.

Under the new criteria, the tax rebate will be available to people age 65 and over with an income level of 150 per cent of the guaranteed income supplement (GIS), which would be about $26,000 per year in 2006. In addition, the person's household must have an assessment of about $263,200.

Previously, the eligibility criteria was 65 years of age and over with an income of $25,000 per year and a residential assessment of $189,000.

New criteria

Under the new criteria, the GIS is based upon a couple's earning power. Previously the criteria was based upon a single person.

If only a single person is living in the household, the person will receive the tax rebate, said Joe Rinaldo, general manager of corporate finance.

Even though city officials expect up to 43 per cent more people will take advantage of tax credit program, Rinaldo said the 2006 program's cost will only increase by about $30,000-$450,000 this year. There will be about 29,000 households owned by people age 65 or older in 2006.

"Less people were qualifying for the program," said Hamilton councillor Chad Collins. "It's great to see (the program) more inclusive."

Hamilton councillor Brian McHattie also applauded the new criteria, saying it will benefit the many seniors living in his Ward 1 area.

"It will help all seniors stay in their homes," he said.

But Flamborough councillor Dave Braden was concerned if the program will be able to withstand the expected pressure of more older residents living in Hamilton. Based upon the city's demographic projections, staff believe Hamilton's population will become older due to the aging baby boomer generation.

Rinaldo said city staff have forecast the implications of what an older population will have on the program until 2021. He said the tax credit can hold up under the financial program.

"This is for seniors with the greatest need," said Rinaldo.

Hamilton also provides property tax rebates for seniors on limited incomes, said Rinaldo. For instance, a person with a $25,000 income, receives about $830, while a person with an annual income of $35,000 gets $500 back and a person earning $45,000 receives $170.