Seniors benefit from increase to age credit

July 09, 2009

Ottawa (July 9, 2009) – Seniors in Manitoba can benefit from tax relief provided by Canada’s government through additional $1,000 increases to the Age Credit, says the Honourable Steven Fletcher, Member of Parliament for Charleswood-St. James-Assiniboia. 

“Our seniors have worked hard to save for their retirement,” said Fletcher.  “The increase in the Age Credit will give Manitoba seniors more financial flexibility to enjoy their Golden years.”

Since being elected, the Conservative government has increased the Age Credit amount by $1,000 twice. Manitobans aged 65 years or older are eligible to claim up to $961 from this federal income tax credit.  The unused portion of an individual’s Age Credit may be transferred to the individual’s spouse or common-law partner.  Once the increase to the Age Credit is fully implemented, the amount of tax free income seniors can earn is $17,673 a substantial increase from the $12,627 that could be earned under the previous Liberal government.

“We owe a lot to our senior citizens who have worked hard to build our great nation,” said Fletcher. “It is important that we support them by guaranteeing greater financial security.”