Pension Income Splitting and the Age Amount Tax Credit Next on Trudeau’s List?
February 13, 2017
It’s widely known that in preparation for Budget 2017, the Liberal government is looking at eliminating more tax credits that Canadians rely on. They’ve already eliminated the tax credits parents can claim to help cover the costs of their kids’ hockey and dance classes; and now the Liberals are considering taxing employer-sponsored health and dental benefits.
While Prime Minister Trudeau publicly stated that he didn’t want to do this, he left the door completely open to this tax by voting against a motion in the House of Commons this week that would have prevented him from doing so. As a result, millions of Canadians and their families who rely on employer-sponsored benefits for prescriptions and important health programs are now vulnerable as a result of another Liberal tax grab.
It is shocking that Justin Trudeau and his Liberal government are turning their back on the middle class Canadians they vowed to help during the last election campaign. But they’re betrayal doesn’t stop there. My Conservative colleagues and I were shocked to learn the government may also be targeting the very generation that helped build this great country – Canada’s seniors.
First, we were stunned when the Liberal Finance Minister stood in the House of Commons and refused to confirm he wouldn’t eliminate pension income splitting. Introduced by the previous Conservative government, pension income splitting allows seniors to dramatically reduce their tax load, and it delivers fairness for all pensioners.
Now the media is reporting that the Liberals may look at killing the Age Amount tax credit. The previous Conservative government increased the Age Amount by $2,000 to help low and middle-income seniors keep more money to meet their needs.
It’s becoming clear that seniors – and all Canadians – just can’t trust the Prime Minister and this Liberal government. Conservatives will continue to hold the government to account for hiking taxes on Canadians and for making regular hard-working people pay more and get less.