Right now, people are feeling the pinch of inflation. Seniors. Workers. Everybody. Filing your taxes on time can help you access the financial supports you are entitled to, on time and without payment disruptions. Benefits and credits like the Guaranteed Income Supplement put more money back in your pocket and help make life more affordable. Make sure to plan ahead and file your taxes on time – or early – this tax season.
Tax credits to help make your life more affordable
The age amount credit can help lower your income taxes. If you were 65 or older at the end of 2023 with a net income under $98,309, then you are eligible. You can transfer all or part of your credit to your spouse or common-law partner.
If you report eligible pension, superannuation or annuity payments on your tax return, you may qualify for the pension income amount credit. Income from Old Age Security benefits, Canada Pension Plan benefits and Quebec Pension Plan benefits is not eligible for this credit.
The Canada caregiver credit helps those supporting a family member with a physical or mental impairment. To qualify, the family member must rely on you for necessities such as food, clothing and shelter.
The disability tax credit helps reduce the income tax that people with severe and prolonged physical or mental impairments may have to pay. Supporting family members may also be eligible for this credit to help tackle the high cost of living with a disability.
You may also be eligible for the medical expenses credit. To qualify, you must have medical expenses that exceed 3% of your net income. You can also claim expenses you paid on behalf of a family member. But remember, these expenses must not have been reimbursed.
The home accessibility expenses credit is a tax credit for home renovation expenses. The expenses claimed must help make your home more accessible for seniors or people with disabilities living in the home. The renovation must be permanent.
New for this year’s tax returns is the multigenerational home renovation tax credit. This credit provides up to $7,500 to help you add a secondary suite to your home for older family members. To be eligible to claim this credit, a family member who is 65 years of age or older, or an adult eligible for the disability tax credit, must live in the suite.
To find out about other tax credits you may be eligible for, visit the Canada Revenue Agency’s (CRA) website for information on all deductions, credits and expenses.
Simple tools to make tax filing easier
There are a few ways for you to file your taxes. Whether you’re doing it online, over the phone, or on paper, we’re making it easier than ever to file your taxes and get the benefits and credits you are entitled to.
Signing up for CRA My Account is the best way to view and manage your tax and benefit information online, and is your ticket to filing online.
CRA’s SimpleFile by Phone (formerly File My Return) is a free, easy-to-use and secure telephone service to help people with a simple tax situation file their taxes by phone.
With SimpleFile by Phone, you can complete your tax return from the comfort of your own home 21 hours a day, from 6:00 a.m. to 3:00 a.m. ET, 7 days a week.
But no matter how you file your taxes, signing up now for direct deposit is the fastest way to receive your benefits, credits and tax returns. Sign up today to get more money in your pocket, faster.
Need help?
Volunteers in your community or online may be able to help you do your taxes. Find a free tax clinic near you, and check out the CRA’s tax tips for senior for more information.
And finally, please share our tax season video filled with tax tips for seniors and their caregivers.
Yours sincerely,
Employment and Social Development Canada and Service Canada
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