Through the Seniors Property Tax Deferral Program, homeowners 65 and older can defer all or part of their residential property taxes through a low-interest home equity loan with the Alberta government. The loans are repaid when the home is sold, or sooner if the senior chooses.
“Seniors spend years building memories, and equity, in their homes,” said Premier Alison Redford. “Our government’s commitment is to provide options that allow seniors to stay at home in their communities for as long as possible. The Seniors Property Tax Deferral program is an innovative way to deliver on that promise for seniors, and for all Albertans.”
The Seniors Property Tax Deferral program will provide a new option for seniors as the Education Property Tax Assistance Program begins income testing this year, and ends in 2014. On average, seniors received $160 a year through the education tax program. The Seniors Property Tax Deferral will free up an average of $2,000 a year for senior homeowners. Over the next three years, it is expected the program will free up over $50 million for more than 23,500 senior households.
“We know most seniors live on fixed incomes, and that while many are house-rich, day-to-day cash flow is sometimes limited,” said Associate Minister of Seniors, George VanderBurg. “With the Seniors Property Tax Deferral program, we’re offering seniors a way to free up funds that otherwise would have been spent on property taxes.”
To be eligible for the Seniors Property Tax Deferral, homeowners must be 65 years or older, and have a minimum 25 per cent equity in their home. The home must be the senior’s primary residence - where he or she lives most of the time.
“Seniors have worked hard their whole lives to pay for their homes, and they want to stay at home for as long as possible,” said John MacDonald, Executive Director of Seniors United Now. “This new property tax deferral program will provide a little extra money that can go a long way to helping seniors stay at home.”
Full details on program eligibility and applications are available on the Alberta Health website, and at local branches of ATB Financial, which is managing program accounts on behalf of government.
Seniors can also request an application by calling the Alberta Supports Contact Centre at 1-877-644-9992 (780-644-9992 in Edmonton.)
Is this truly helping seniors that have contributed all their lives in helping Canada and Alberta grow? Is adding an additional mortgage in the form of a loan to the Alberta government adding additional stress to seniors in their golden years where they should be enjoying time at home not having to worry about how they will pay the monies back? It seems counterproductive for seniors that have paid their homes off in order to live debt free and now the Alberta government wants to keep them chained to the downward spiral of debt that all Albertans now faces under this current ruling party.
ReplyDeleteCan't argue with what you've said here Rob, but even small blessings are still blessings for those in need.
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