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Are you 65 or older? Claim your benefits and credits

By Peter Kupovics on April 16, 2014 Comment BubbleLeave a comment

Important information for seniorsFamily - smiling (Padgett)

  • Age amount – You can claim this amount if you were 65 years of age or older on December 31, 2013, and your net income is less than $80,256. The maximum amount you can claim is $6,854.
  • Pension income amount – You may be able to claim up to $2,000 if you reported eligible pension, superannuation, or annuity payments on your return.
  • Pension income splitting – If you’re receiving a pension, you may be eligible to split up to 50% of your eligible pension income with your spouse or common-law partner.
  • Registered retirement savings plan (RRSP) – Deductible RRSP contributions can reduce your tax bill. You have until December 31 of the year in which you turn 71 to contribute to your RRSP.
  • Registered disability savings plan (RDSP) – A registered disability savings plan (RDSP) is a savings plan to help families save for the financial security of a person who is eligible for the disability tax credit.
  • Goods and services tax/harmonized sales tax (GST/HST) credit – You may be eligible for the GST/HST credit, a tax-free quarterly payment that helps individuals and families with modest incomes offset all or part of the GST or HST that they pay.
  • Working income tax benefit (WITB) – Working individuals and families with low income may be able to claim this refundable tax credit. The WITB includes a supplement for individuals who qualify for the disability amount. Eligible individuals and families may also apply for advance payments.
  • Disability amount – If you have a severe and prolonged impairment in physical or mental functions and meet certain conditions, you may be eligible to claim the disability amount.
  • Public transit amount – You can claim the cost of certain public transit passes, such as a monthly or annual pass, for travel within Canada on public transit in 2013.
  • Medical expenses – You may be able to claim a non-refundable tax credit based on the cost of previously unclaimed medical expenses for any 12-month period ending in 2013.
  • Canada child tax benefit (CCTB) – If you are responsible for the care and upbringing of a child who is under 18 years of age, the CCTB may help you with the costs of raising the child.
  • Child disability benefit – You may be eligible for this tax-free benefit if you cared for a child under 18 years of age who is eligible for the disability amount.
  • Universal child care benefit (UCCB) – If you are responsible for the care of a child under 6 years of age, you may be eligible to receive the UCCB when you apply for the CCTB.
  • Community Volunteer Income Tax Program (CVITP) – If you need help filing your return, have a modest income, and a simple tax situation, contact the CVITP, which runs volunteer tax clinics across the country.

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