This month marks Seniors’ Month, a time where senior citizens are celebrated all across the nation. Each June, senior men and women are honoured and recognized in a wide variety of ways in different locations. June is a time for all of us to recognize seniors and their prominent influence on this nation, their communities, their families, and other individuals around them.

Throughout the month of June, banquets, recognition events, socials, informational fairs, and award ceremonies will take place for many seniors. While seniors currently account for approximately 13 per cent of Ontario’s current population, there are already specific events planned in Ontario especially for them. For more information on these events and Seniors’ Month please see www.citizenship.gov.on.ca/seniors.

Canada’s Government is also showing its support and appreciation for the many contributions this group has made to our great country by ensuring these citizens enjoy a long and healthy retirement. One way the Government is doing this is by providing financial relief through the Tax Fairness Plan. This came into effect on January 1, 2021 and includes pension income splitting for spouses and common-law partners. The outcome is a sizable savings for seniors and pensioners on the tax payable on pension outcome.

The plan requires that both the individual receiving the eligible pension income and his or her spouse or common-law partner agree to the allocation in their tax returns for the tax year in question. Therefore, an individual in receipt of eligible income may allocate up to one half of this pension income to their spouse or common-law partner. The pension income splitting allocation will be available for the 2007 and subsequent tax years and must be made one year at a time. More information about eligible and ineligible income that qualifies for the pension income credit can be found by visiting www.cra.gc.ca.

Another way the Government is supporting seniors is through a broad-based senior income tax reduction. Through this initiative, the Government is increasing the Age Credit Amount by $1,000 from $4,066 to $5,066. This will offer tax relief to both low and middle-income seniors. It is also intended to support seniors by providing a way to reduce the tax burden they face today.

A third way the Government is showing support for senior citizens is through changes introduced in the 2007 Budget. Previously, according to the Income Tax Act, an individual’s Registered Retirement Savings Plans, and Deferred Profit Saving Plans did not mature until the end of the year in which an individual turned 69 years of age. Also, Registered Pension Plan payments began at the end of the year in which the pension plan member turned 69. Now, the 2007 Budget conversion age limit is 71 years of age, instead of 69. This change benefits many individuals who turn 69, 70, or 71 years old in 2007. For more information, visit www.budget.gc.ca/2007/bp/bpc5ee.html.

Throughout the month of June, I hope we all will take time to specifically recognize our seniors whether formally or informally. Canada’s senior citizens have made great contributions to the betterment of our country. It is very important that we take time to recognize these individuals and I ask that you join me in this task.