A Boomer Wealth Coach Analysis
Was the Liberal Budget presented to Ontario on 26 March 2009, a tax grant or a tax grab? Depending on whose politics and what lobbyists, the answer will be GRANT! or GRAB! ….. or somewhere in between.
Our staff did something different. We read the Budget document, called the Ministry Office for details, and added up the numbers. Then, we looked at the results as to how these proposals would affect the retired, or soon to be retired. It tired us out!
Our Report follows. We would encourage you to forward this Report to friends and family.
There is a very real need to plan for retirement comfort, even more so, with the proposals recently introduced
We can help you create your own Retirement Blueprint. You will need one!
THE TAX GRAB
8% more for NOTHING more
Seniors living in retirement enjoy a lifestyle different than the one they lived while at work. In retirement, to be active, often means paying a fee, a membership, an admission, a subscription or for costs for travel, etc.
We have calculated that the impact of this Liberal Budget will be more costly for Ontario seniors, than anyone has reported.
Consider a retired couple, receiving total retirement income of $41,400 after tax per year*, healthy enough to enjoy some comfort in retirement.
Many of those items used on a daily basis will now be subject to an 8% cost increase, because of the new harmonized sales tax introduced by the Liberal government in this Budget.
Look at just a few of those items that will cost more, without getting more.
**This is a NEW HIDDEN TAX OF $52 per $20,000 on deposit, annually
Are you ready for the TAX KICK coming?
For just these listed items***
NEW TAXES OVER $2,100.00 MORE
THE TAX GRANT … the good news!
New Ontario Sales Tax and Property Tax Credits
The details of these provisions can be found at the Minister of Finance, Ontario, website here, click.