Tax benefits for seniors left out of debate

In terms of senior citizen tax issues there are two items, for whatever reason, that are barely mentioned by politicians or the media during the run-up to the current federal election, pension splitting and the Tax Free Savings Accounts.

It is safe to say that pension splitting is saving tens of thousands of seniors in the Greater Victoria area, literally tens of millions of tax dollars. In fact, the legislation approving pension splitting a few years ago must be one of the most, if not the most, significant change to the tax act in many years.

Income splitting, if it comes to pass, no doubt will provide the same financial benefit to hard-pressed Canadian families. Paying less tax of any type will benefit all Canadian families.

Likewise, the institution of the TFSA has been one of the most important tax measures undertaken by any federal government.

Indeed, the flexibility of this particular program must appeal to millions of Canadians.

For one thing, again relating to seniors, the TFSA may take some of the sting out of the mandatory withdrawal component of the Registered Retirement Income Fund, whereby withdrawals of at least $5,000 per year, can be deposited to a TFSA.

We should be giving credit where credit is due, for these two outstanding tax measures

H.J. Rice

Saanich

Just Posted

‘More animals could have a chance:’ Victoria Humane Society in desperate need of a home

Animal rescue currently has 163 animals in foster and volunteer homes

Free-B Film Festival celebrates 20th anniversary

Head to Victoria’s Beacon Hill Park to see some family favourites on the big screen

Central Saanich accused of not following Climate Emergency declaration with urgent action

Motion to research climate response options and costs rejected then rescheduled in tense meeting

Join North Saanich invasives removal and experience three key benefits

Friends of North Saanich Parks says July 27 clear-up will be rewarding as well as green

Colwood field lacrosse camp aims to get more kids involved

Victoria Field Youth Lacrosse hopes to inspire future athletes

Rich the Vegan scoots across Canada for the animals

Rich Adams is riding his push scooter across Canada to bring awareness to the dog meat trade in Asia

Vancouver Island teens missing after vehicle found ablaze near Dease Lake, BC

RCMP say a body discovered nearby not one of the missing teens

A year later, ceremony commemorates victims of the Danforth shooting

It’s the one-year anniversary of when a man opened fire along the bustling street before shooting and killing himself

Japanese Canadians call on B.C. to go beyond mere apology for historic racism

The federal government apologized in 1988 for its racism against ‘enemy aliens’

B.C. VIEWS: NDP pushes ahead with Crown forest redistribution

This isn’t the time for a radical Indigenous rights agenda

Two dead in two-vehicle crash between Revelstoke and Golden

RCMP are investigating the cause of the crash

Ottawa fights planned class action against RCMP for bullying, intimidation

The current case is more general, applying to employees, including men, who worked for the RCMP

Alberta judge denies B.C.’s bid to block ‘Turn Off the Taps’ bill

He said the proper venue for the disagreement is Federal Court

Most Read