Federal Budget mostly good news for seniors
FSNA welcomes the restoration of full indexation of the income tax system including the thresholds at which the OAS and Age Tax Credit reductions begin. These are measures that FSNA has advocated for some time.
FSNA would have preferred if the Minister of Finance had eliminated these claw backs altogether.
Along with the restoration of full indexing, middle income tax rates will be lowered and the tax bracket thresholds will be increased – a positive effect for many seniors. There will also be automatic increases in the GST credit.
The Minister announced increased transfers to provinces for health care and while FSNA welcomes this increase in funding, it will remain to be seen how effective this is at repairing our damaged health care system.
