Re: “Reeling from tax deferment shock,” Letters, May 9.
As a “senior “ myself, I was embarrassed by Mr. White’s letter of complaint to the editor. Not all of us old people think this way! Certainly, not I.
He says “the government” will soon own a large chunk of his house because he will have to pay a measly 1.45 per cent interest (not compounded, by the way) on his deferred municipal taxes this year, which I reckon may amount to $5,000, at the most.
The tax he is now deferring is money that he either spends or, wisely, invests in a TFSA at perhaps five per cent interest. Moreover, OAS is not clawed back by the extra income he earns from pocketing the municipal tax he will not pay.
Who benefits from this ludicrous tax deferment scheme — which starts at the early age of 55 and is subsidized by all taxpayers? Not a single, young family struggling with a mortgage/rent and child care costs!
Mr. White’s house is probably assessed at $1.7 million. And he probably paid about $35,000 for this house 44 years ago. But, instead of feeling gratitude for his unearned windfall, he complains! He probably thinks he earned the increased value of his home when all he did was wait as it skyrocketed beyond control.
There is really no accounting for the ingratitude often expressed by the elderly. They want subsidies when they don’t need them, complain about paying school taxes and want discounts on everything just for being old. They have no sympathy for the young...or the poor.
God forbid that I should join this band of ingrates!