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Income Tax
Canadian seniors may have special concerns when filing their income tax returns. For example, your RRSPs, Old Age Security and other income and benefits may raise questions about what you are allowed to claim and deduct. Seniors are eligible for a number of federal and provincial tax credits.
You may also want to explore the idea of splitting your pension income with your spouse or common-law partner. Using income splitting, your spouse or common-law partner may be able to transfer up to half of their pension income to you.
The Canada Revenue Agency offers advice and guidance designed for seniors in the following areas:
- Old Age Security, CPP and other benefits
- Your RRSP options when you turn 71
- How to set up and manage a Registered Retirement Income Fund (RRIF)
- Tax credits for seniors based on age, disability, medical expenses and more
- Attendant care expenses you can claim if you live in a retirement home
- Pension income splitting
- Your options if you reside part of the year outside of Canada
- BC HST Credit
- How to get free volunteer help filing your income tax return
- Tax implications and other information on charitable giving (for hints on steering clear of fraudulent charities, see our section on “Scams”)
If you have any questions, visit the Taxpayer Services Information Line website or call 1 877 387-3332.
