New tax grant for Seniors

Stuck in with this year's assessments was a little brochure about a new property tax grant for Seniors. I thought it was worth talking about online because most people in that age bracket are not computer savvy and are unlikely to be aware of this new program. They may need you to point it out to them.

If you know someone who is 64 or older and who owns a principal residence in Ontario, then they are eligible for this grant of maximum $250 per year. Doesn't sound like much but to many in that age group, it could make a difference at tax time. (In 2010, the grant will increase to $500 per year).

If your senior (or senior couple) have a combined income of $45,000 or less, they receive the full $250 grant to apply against annual property taxes. Those with higher incomes still get a grant but proportionately lower.

Applications for the grant will be included in the Ontario Tax Credit portion of the 2009 Income Tax Returns (Form ON479), available in early 2009. Just let them know so they look for it when doing taxes early in the year. Be sure they are aware, the form must be filed by March 31st in order to qualify.

They can get more info by calling 1-800-337-7222 or 1-800-263-7776.

Robert J. Morrow is editor of www.HamiltonHomeReview.com, Greater Hamilton's Online Real Estate Magazine.