If you are a Canadian senior citizen, it is time that you enjoy your golden years with these tax credits and benefits. We are here to help Canadian senior residents, discover the wide range of tax benefits available to those over the age of 65 years. Canadian residents may split certain pension income with your resident spouse or common-law partner. You may split up to half of your pension income with your partner to reduce the tax amount. This is useful if your significant other lives in a lower tax bracket and can help you save money as a couple. To re-claim medical expenses, if you or your spouse paid for any medical expenses in the twelve month period before December 31st, you might be able to reclaim them if they are eligible. The period of reclamation can be extended to 24 months in case of death. The Age Amount is a non-refundable tax credit. The people who can enjoy this credit must be 65 or older and at the end of their tax year. As a senior citizen, you could very likely be eligible for GST/HST credit. Perhaps even a quarterly payment which is tax-free allowing you to balance out all or a portion of the GST/HST you pay. To avail this acquires this credit; you must file for an income tax return, even if you are not receiving any income. Be mindful that if you have a spouse or a common law partner, only one of you can receive the credit. The Disability Tax is a non-refundable tax for people who are facing severe or prolonged intellectual or physical impairment. A prolonged impairment is called so if it exceeds 12 months. If you or your partner or a dependent has a disability and meets certain conditions, then you might be eligible for a disability tax. Have you made any recent changes to your house? Maybe made your floor more gripping or rearranged your kitchen drawers to be high enough, so you don’t have to bend? Any changes to make your lifestyle better? If yes and you’re 65 or older then you may fit the criteria that can help you reclaim that tax. This tax is known as the Home Accessibility Tax. It is a non- refundable tax credit and this credit allows you to claim up to $10,000 in home improvement expenses. Of the expenses you claim, you retrieve 15 percent of these as credit. The CRA states that there are only certain expenses you can claim like if you installed wheelchair ramps, walk-in bathtubs or wheel-in showers; if you got your doors widened, fixed a non-slip bathroom flooring; ergonomic, easy-to-use, door locks; no hands water taps, and lights that are motion sensored. Anyone who supports a senior with these needs can retrieve this credit as well. Conclusively, as a senior citizen who has worked a great proportion of their lives and devoted it to the improvement of our economy we as a way to express our gratitude with the aforementioned benefits specially tailored to benefit you as you retire to provide comfort and make your experience better. Benefits and credits such as split pension, re-claim medical expenses, age amount, goods and services tax/ harmonized services tax credit, disability tax and family caregiver’s amount and guaranteed income supplement are some of the significant benefits you receive.

Remember, with CloudTax Pro, you can file your taxes in the comfort of your own home and there is no need to visit. We have tax experts’ available on-demand that can provide personalized advice and do a full preparation of your tax return, so that your taxes are done right.

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