(Toronto) ? Low-income
seniors and disabled persons stand to benefit from the creation of a
province-wide property tax deferral program if Bill 78, is passed by the
Ontario legislature.
?If passed, Bill 78 will
provide much needed property tax relief to low-income seniors and low-income
disabled persons,? said Shurman. ?When the McGuinty Liberals lift the property
assessment freeze and homeowners are hit with a skyrocketing assessment, those
with low or fixed incomes will be hit the hardest. This bill will ease some of
that burden.?
Shurman said a home is often
the most significant investment an individual will make. Bill 78 will protect this investment in view
of ever increasing assessments and rising property taxes for an aging
population that wants to stay in their homes.
Bill 78 will?
- Create a province-wide program to allow low-income seniors and disabled
persons to defer property taxes payable on properties used as their
principal residence;
- Allow low-income seniors and disabled persons to remain independent in their homes
longer;
- Stimulate
the economy by providing
additional disposable income to low-income seniors and disabled persons;
and,
- Provide a common property tax deferral program
across Ontario and get rid of the
current patchwork system.
The facts on Bill 78
- Eligible participants will be able to defer up to
$10,000 per year with taxes only payable upon sale of the home or the
death of the eligible owner.
- Provincial property tax deferral programs are
offered in British Columbia, Prince Edward Island and Nova Scotia.
- Such programs in Ontario are currently
administered municipally.
Support for Bill 78
?CARP
represents an important demographic, including those on fixed income who risk
being driven out of their homes by rampant property tax increases. Until the
government fixes the property assessment process, Bill 78 offers real relief to
beleaguered seniors.?
Susan
Eng, Vice President of Advocacy, Canada?s
Association for the Fifty Plus (CARP)
?As
President of The Thornhill Seniors Club, with some eight hundred and thirty
members, I have heard of some owners experiencing serious difficulty in keeping
their own homes because of rising taxes. I hope that all MPPs, regardless of
party affiliations, endorse this bill to its fullest extent.?
Warren
Carroll, President, Thornhill Seniors
Club