Seniors are being taken to the cleaners

I do not like the taxable benefit tax as it is applied by the government to senior citizens like me.

My problem began when I became a senior citizen at the age of 65. At that time, I was advised by my former company that they would be paying my premiums from now on. I had no choice on this matter that they would pay the premium. I just assumed it was the same amount that I had been paying each year since my early retirement. I also was not advised that the amount being paid on my behalf was a taxable benefit. It was not until I received my tax form that I would have to declare the amount, which was an astounding $3,468. This amount was staggering and it was a blow to what I had to pay for my income tax .

I have a fixed income and this is a tax from which we receive no income at all, but we must include it anyway in our tax return. Old age security, pensions and happiness are affected by this tax law.

I do not understand how an insurance policy premium can be considered a taxable income.

I would like to bring this subject to everyone's attention that this tax on a retiree is not fair and is unjust. It hurts financially as well as emotionally. Can the government consider a change or amendment to the Income Tax Act to eliminate this unfair tax, especially to senior citizens?

Life insurance is important to us, our children and grand children.

Walt Helling

Innisfil