The City of Markham and the Ontario Provincial Government both offer some financial relief for low income seniors designed to help them remain in their homes longer.
City of Markham
All those over 65 qualify, and also low-income owners from 55-64 (a limit of less than $23,000 income per year if you are single), as well as those on ODSP. Your taxes must go up at least $100. The amount is deferred until the sale of their home, except in the case of a transfer to a spouse, which does not trigger repayment.
Provincial Program
Since 2007, the province created its own property tax relief program which is available to help both moderate and low income seniors stay in their own homes.
It’s called the Ontario Senior Homeowners’ Property Tax Grant and is applied for on your annual tax return.
The maximum grant has been $500 since 2010. A single person’s adjusted net income must be $35,000 or less. The grant amount goes down as income increases. The upper income limit for a single person is $50,000. Couples qualify for the maximum with an adjusted net income of $45,000 or less, and the income cap is $60,000.