By Chad Feehan / Local Journalism Initiative Reporter
Councilors were talking tax breaks at the most recent meeting at the Paradise Town Hall.
After Councilor Larry Vaters broached a previous discussion about the new residential property tax assistance program, Councilor Glen Carew was curious as to what it means for the pre-existing seniors discount.
“Does it mean the elimination of the 10 percent seniors discount, or will this program work in parallel with that particular discount?” Carew asked.
Vaters clarified the new program will run parallel with the seniors’ discount, and the two programs will have no direct impact on each other. However, Paradise residents cannot avail of both simultaneously.
“The programs cannot be compounded, meaning eligible residents will only be able to avail of one or the other if they qualify for both,” Vaters said. “If they qualify for both, Town staff will advise which program is more financially beneficial for them.”
Residents with a low household income can avail of a 20 percent tax reduction within the program. The threshold for eligibility follows the Guaranteed Income Supplement guidelines from Service Canada.
Vaters said residents will need to provide a 2023 Notice of Assessment from the Canada Revenue Agency, and apply every year.
“Eligible residents would also have to be in good standing with payment of previous years taxes,” he said.
Vaters said the seniors tax discount costs the Town approximately $400,000, while the new program will cost approximately a quarter of that and be in place this year.
“It’s good to see another layer to be able to help out some of the residents who may need a bit of extra help,” Carew said.