Manitoba seniors save from increase to the age credit amount

January 04, 2010

(Winnipeg) -  Low and middle-income seniors in Manitoba are saving more thanks to the Government of Canada’s increase to the Age Credit amount says the Honourable Steven Fletcher, Member of Parliament for Charleswood-St. James-Assiniboia. 

“Seniors on fixed incomes need help with the financial challenges they are facing,” said Fletcher. “The increase to the Age Credit amount supports seniors by giving them additional tax relief so they can save more.”

In 2009, the Government of Canada increased the Age Credit amount by an additional $1,000. Manitoba’s low and middle-income seniors will receive up to $150 in additional savings due to this increase. The Age credit has been increased twice since the Conservative government was elected.

“Our government understands seniors have worked hard to save for their retirement,” said Fletcher. “By increasing this tax credit, Manitobans over 65 will have more savings to enjoy their retirement.”