Finance Minister Allen Roach says changes introduced Tuesday to the Income Tax Act will help 12,000 lower-income Islanders and eliminate provincial income tax altogether for more than 2,500 taxpayers.
Roach says the changes are targeted at seniors, working single parents and those on low-income.
The changes would increase the value of the basic spouse and child tax credits by $50 and add a new $250 senior credit for people aged 65 and older.
The income threshold for receiving the full value of the credits will also be raised to $17,000 a year from the current $15,000.
The changes are retroactive to the beginning of the current tax year so the savings can be realized when 2015 taxes are filed in 2016.
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