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Tax Benefits For Seniors

RRSP, RDSP, WITB and Other Tax Credit Programs

Date: April 2014

People, who reached the age of 65, have a right to claim a few tax credits and benefits.

Below there’s some valuable information for retired people:

  1. Age Amount — People who turned 65 until December 31, 2013 may apply for this tax benefit if their net earnings don’t exceed $80,256. In this case they may receive up to $6,854.

  2. Pension Income Amount — In order to apply for this tax benefit you have to confirm your eligible pension, annuity or retirement pension in your tax return. The biggest amount that you can get is equal to $2,000.

  3. Pension Income Splitting — You can reduce you pension income tax by splitting a half of your pension with your husband/wife or a civil partner.

  4. Registered Retirement Savings Plan (RRSP) — You can make contributions to your Registered retirement savings plan until December, 31 of the year when you reached the age of 71. This way you will reduce your tax payments.

  5. Registered Disability Savings Plan (RDSP) — This program specially designed for families taking care of a person, who qualifies for disability tax credit. The savings plan allows such families to save money and provide future financial assurance for disabled members.

  6. Disability Amount — Individuals suffering from serious physical or mental disorders and complying with particular requirements may qualify for disability amount.

  7. Working Income Tax Benefit (WITB) — People having a permanent job as well as families, whose members receive very small profits are eligible for WITB. People, who are eligible for the disability tax credit may apply for an extra payment as a part working income tax benefit. In addition, WITB may provide advance payments for eligible persons.

  8. Goods and Services Tax / Harmonized Sales Tax (GST/HST) Credit — In order to cut the amount of GST/HST payments, people and families receiving small profits may apply for GST/HST credit which is paid every three months.

  9. Medical Expenses — The amount of tax credit that you may qualify for is estimated according to the medical expenses during previous 12 months that haven’t been claimed.

  10. Public Transit Amount — Individuals using transit passes (either for a month or a year) when traveling within the Canadian boundaries have a right to apply for public transit amount.

  11. Canada Child Tax Benefit (CCTB) — Canada child tax benefit helps individuals taking care and raising a child under 18 by providing tax-free monthly payments.

  12. Universal Child Care Benefit (UCCB) — Seniors taking care or raising a child under 6 who are eligible for CCTB may also claim the Universal child care benefit.

  13. Child Disability Benefit — A tax free payment that may be claimed by seniors raising a child under 18 qualifying for disability tax credit.

  14. Community Volunteer Income Tax Program (CVITP) — Volunteers of CVITP are always glad to assist people with poor incomes in filling out their tax returns. CVITP departments provide their services all over the country. You may contact the CVITP office in your region to solve your problems.

Please keep in mind that Filling out your income tax returns online you'll get your credit and benefit payments much faster. Online services offered by CRA provide you with lots of new possibilities concerning filing your tax return. From now on everything can be done mach easier. Using these services you may not only monitor your payments and refunds, but also have your credits and benefits immediately transferred to your account.