I warned you the Harper pricks were going to attack seniors

Harper’s government targeting poor seniors on guaranteed income

Halifax, NS (RPRN) 08/27/14 — Under proposed changes to prescribed annuity taxation, Canadian poor seniors will pay a lot more taxes. These changes are hidden in the proposal for changes in the exemption test of life policies modifying Subsection 300(2) of the Income Tax Regulations. Under current regulations, the taxable income portion of a prescribed annuity is determined using the 1971 Individual Mortality table. The Financial Services Consumer Alliance (FSCA) has discovered that after December 2015, the new regulations would require that insurers use the Annuity 2000 Basic Mortality table.

What does this all mean?

 It means that the taxable portion of new annuity payments will increase as a result of this change. Particularly affected will be older and poor seniors on guaranteed income. “This is the equivalent of taxing the life expectancy of an individual,” stated Richard Proteau, President of FSCA. “These mortality tables represent the aggregate of the life expectancies for the whole Canadian population but inequalities are increasing in the Canadian society and this means that a rich senior can expect to live 5 years longer than a poor senior.”

http://www.theglobeandmail.com/life/health-and-fitness/rich-v-poor-the-lives-we-can-expect-from-our-income/article793139/

http://rushprnews.com/2014/08/27/harpers-government-targeting-poor-seniors-on-guaranteed-income