Published | Categories : Income tax - individuals, Income tax - businesses, Source deductions and contributions
Deferral of Measures Applicable in 2013 Regarding Experienced Workers
Tax credit for experienced workers
The tax credit granted to workers 65 or older allows them to eliminate the tax payable on a portion of their work income that is over $5,000.
The cap on work income in excess of $5,000 that qualifies for the tax credit for experienced workers will be the same as for the 2012 taxation year (that is, $3,000) for an indefinite period.
For further information, see page H.51 of the Budget Plan published by the Ministère des Finances et de l’Économie.
Contribution to the health services fund
It was announced, as part of the 2012-2013 Budget Speech, that private-sector employers that employ workers 65 or older could claim a reduction in their contributions to the health services fund as of 2013.
The implementation of this measure will be deferred to a later date to be set by the government.
For further information, see page H.51 of the Budget Plan published by the Ministère des Finances et de l’Économie.