The federal government unveiled its highly-anticipated Spring Budget on Thursday, April 5 which proposes an additional $20 million to support Canadian seniors.
The government says it will allocate that $20 million over two years, starting in the 2022-2023 fiscal year, to expand the New Horizons for Seniors Programme to raise the quality of community participation for seniors.
The initiative is a federal grants and contributions program that provides funding for community projects that aim to make a difference in the lives of seniors, such as volunteerism and mentorship.
Other key announcements for seniors in the budget include:
- Broadband for low income seniors
- Prioritization of health care workers in immigation and credentialing
- Career-Extension tax credit providing support for seniors in the workplace, including re-entry into the workforce
- Tax credit of $7500 for housing intergenerational families
- Tax credit for Home renovations for accessibility doubled to $20,000
- Caregiving tax credit now a refundable credit, not earned
- Support for legal aid clinics to help vulnerable populations
- Ombudsman for Banking Services and Investments confirmed as sole dispute resolution body for the banking sector
The federal government has said that it understands the dire straits that older people have found themselves in during the pandemic,” notes Laura Tamblyn Watts of CanAge “While this budget falls short of its full potential in addressing the issues, we look forward to continuing our work with the Ministers to make the most of the dollars spent on behalf of Canadian seniors.”
As part of its federal budget coverage, CanAge is analyzing and commenting on all announced investments concerning older adults and caregivers.
Seniors are opting to stay in their homes longer
As more of Canada’s population ages, many may be looking to stay in their homes longer. With this in mind, the 2022 federal budget proposes doubling the qualifying expense limit of the Home Accessibility Tax Credit to $20,000 for the 2022 and subsequent tax years.
The budget notes this will create a tax credit of up to $3,000, an increase of up to $1,500, for seniors looking to make accessibility renovations to their houses so they can safely remain at home longer.
One of the big-ticket items in the budget is a proposal to establish a national dental care plan, which the Liberals had already agreed to prioritize following the signing of their confidence-and-supply agreement with the NDP.
The government has assigned $5.3 billion to Health Canada over the next five years to oversee implementation of the dental care plan, which will be expanded to include seniors in 2023.
Making your home more accessible
What better way to enable seniors to stay in their homes than to use some of the existing equity in the property to fund the necessary renovations. I would be delighted to help you with this. Please call me for more information. I will be happy to explain.
(Terry Lynch is a licenced mortgage agent with TMG, The Mortgage Group. In addition to conventional mortgage funding, lines of credit, commercial and construction loans, Terry also specializes in Challenged Credit and Reverse Mortgages. He also secures funding for a variety of businesses such as retail, restaurants, franchises etc.)