Provincial Treasurer Wes Sheridan and Social Services and Seniors Minister Doug Currie say it was time to move the limits for the Senior Citizen Real Property Tax Deferral Program from $30,000 to $35,000. Both expect this change will help a greater number of seniors on a modest income free up more of their money for day-to-day expenses.

“We had been hearing from Island seniors that the income limits weren’t high enough for this program, so we wanted to set something that was more realistic for those most in need,” said Minister Wes Sheridan. “I’m pleased that changing these limits offers a significant tax relief for many seniors, one that will make a real difference in their daily lives.”

Minister Currie applauded the Provincial Treasury for opening up the program to more seniors.

“It’s important that we do everything we can to offer our Island seniors a great quality of life in their later years,” said Minister Currie. “Today’s announcement is an example of a small change to a program that can have huge effects on senior’s budget and lifestyle.”

“These changes to the Property Tax Deferral Program offer an opportunity for more seniors to take advantage of this program,” said Anna Duffy, chairperson of the PEI Seniors’ Secretariat. “The PEI Seniors’ Secretariat will continue to work with government departments and agencies to advise on program improvements for seniors.”

Under the program, seniors must be 65 and older, have lived in their principal residence for at least six months in the past year and have an annual household income of less than $35,000 to be eligible to apply for a deferral of property taxes for that residence.

If the senior decides to sell the property, all deferred taxes become payable but if they continue with the program for life, the taxes that were deferred will be paid out of their estate. No interest is applied to the deferred taxes under this program.

For more information, please contact Provincial Treasury, Taxation and Property Records Division, (902) 368-4070 or www.TaxandLand.pe.ca.