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Tax Policy Comparison:
PERSONAL TAXATION #3
| Tax Policy Comparison: PERSONAL TAXATION #3 |
Conservative Party | Liberal Party |
|---|---|---|
| POLICY | Increase the Basic Personal Amount For Seniors | N/A |
| DATE | 26-Mar-25 | N/A |
| URL | View Policy Video | No Policy to View |
| DESCRIPTION & COMMENT | The Conservatives announced its intention to enable seniors to earn up to $34K without personal tax. Presently, seniors are able to earn the basic personal amount of roughly $16K along with the age credit of roughly $9K (assuming no grind down for the age credit). It would appear that the Conservatives want to increase the basic personal amount (only for seniors age 65 and older) such that they can earn additional amounts (likely employment and self-employment income only) without attracting tax. Obviously, the devil is in the details and would have to ensure that this policy objective doesn't result in grinddowns of the age credit and potential other consequences. |
N/A |
Tax Policy Comparison:
PERSONAL TAXATION #3
Tax Policy Comparison: Personal Taxation #3
Conservative Party
Date: March 26, 2025
Summary:
Increase the Basic Personal Amount For Seniors
Description & Comment:
The Conservatives announced its intention to enable seniors to earn up to $34K without personal tax. Presently, seniors are able to earn the basic personal amount of roughly $16K along with the age credit of roughly $9K (assuming no grind down for the age credit).
It would appear that the Conservatives want to increase the basic personal amount (only for seniors age 65 and older) such that they can earn additional amounts (likely employment and self-employment income only) without attracting tax. Obviously the devil is in the details and would have to ensure that this policy objective doesn't result in grinddowns of the age credit and potential other consequences.
View Policy Video
Summary:
Increase the Basic Personal Amount For Seniors
Description & Comment:
The Conservatives announced its intention to enable seniors to earn up to $34K without personal tax. Presently, seniors are able to earn the basic personal amount of roughly $16K along with the age credit of roughly $9K (assuming no grind down for the age credit).
It would appear that the Conservatives want to increase the basic personal amount (only for seniors age 65 and older) such that they can earn additional amounts (likely employment and self-employment income only) without attracting tax. Obviously the devil is in the details and would have to ensure that this policy objective doesn't result in grinddowns of the age credit and potential other consequences.
View Policy Video
Liberal Party