The Ontario government has announced that income thresholds which govern eligibility for certain income tax credits provided to seniors in the province have been increased.
In the 2010 budget, the province announced the creation of the Ontario Energy and Property Tax Credit (OEPTC) which would replace existing credits. The amount of the OEPTC, which is enhanced for senior recipients, is reduced where adjusted family net income exceeds a specified threshold. The Ontario government has now announced that that income threshold for seniors has been increased as follows:
- from $20,000 to $25,000 for single seniors; and
- from $25,000 to $30,000 for senior couples.
The announcement of the increase and details of the program generally, are available on the provincial government’s Web site at http://news.ontario.ca/mof/en/2010/09/ontario-energy-and-property-tax-credit.html.