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Seniors� benefit increased Finance Minister Joan Marie Aylward today announced an increase to the seniors� benefit for 2003. The maximum benefit will be increased to $350 from $300 for a single senior and to $700 from $600 for married seniors. The benefit will be gradually phased-out as family net income rises from $14,000 to $20,000. "Government introduced the Low Income Seniors' Benefit in 1999 to help relieve the difficult financial circumstances of some of our older citizens," said Minister Aylward. "We expect that approximately 30,300 seniors will receive the seniors' benefit in 2003. This new enhancement will make an additional $1.1 million available to them, bringing the total amount paid under this program to $7.7 million annually." The seniors� benefit is payable along with the GST Credit and HST Credit in October each year. Individuals will not need to make a special application for the benefit. Eligibility and payment amounts are determined automatically when income tax returns are filed. The seniors� benefit will continue to be paid in October of each year, at the same time as the GST/HST Credit. The benefit complements various tax benefits for seniors. The pension income credit provided in the income tax system reduces Newfoundland and Labrador personal income tax by up to $106, and the age credit reduces Newfoundland and Labrador tax by up to $365. Media contact: Josephine Cheeseman, Communications, (709) 729-0329. 2003 03 27 3:45 p.m. |
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