Ontario senior homeowners can get tax help

By Inst. of Chartered Accountants —— Bio and Archives February 3, 2009

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Seniors who own their own homes will be happy to hear that a new grant may help them pay their property taxes.

“The Ontario Senior Homeowners’ Property Tax Grant is designed for eligible senior homeowners with low and moderate incomes,” says Chartered Accountant Geoff Fisher, KPMG LLP in Sudbury. “The maximum grant is $250 for 2009, and $500 for 2010 and subsequent years.” To obtain this grant, you must file Form ON479 Ontario Credits and Ontario Senior Homeowners’ Property Tax Grant with your personal income tax return. While the grant is based on your income tax return, the grant cheque is mailed separately. You will usually receive it four to eight weeks after your tax return is assessed. To qualify for this grant, effective on December 31 of the prior year, you must: reside in Ontario; own and occupy your principal residence and have paid property taxes; and be 64 years of age or older. “Only one grant is allowed per couple,” Fisher continues, “and the amount of the grant will be restricted based on your income.” “Single seniors who paid over $250 in property taxes and have income under $35,000 will receive the full grant. If their income is between $35,000 and $50,000, the grant is proportionately smaller. If your income exceeds $50,000, no grant is available. Senior couples will qualify for the full $250 grant if their combined income is less than $45,000. If their income is between $25,000 and $60,000, they will receive proportionately less. When their combined income exceeds $60,000, no grant is payable.” Brought to you by the Institute of Chartered Accountants of Ontario.