For low-income Canadians aged 65 or older, filing taxes on time is crucial. Tax returns determine eligibility for financial support programs like the Guaranteed Income Supplement or the GST rebate. Filing promptly ensures that you avoid unnecessary disruptions in payments.

Tax Credits That Can Help You Save

• Age Amount Credit: If you’re 65 or older by the end of 2024 and your net income is less than $102,925, this credit may reduce the income tax you owe. You can transfer all or part of the credit to your spouse or common-law partner. Read more
• Pension Income Amount Credit: Reporting eligible pension, superannuation, or annuity payments on your tax return could make you eligible for this credit. Note that Old Age Security (OAS), Canada Pension Plan (CPP), and Quebec Pension Plan (QPP) benefits do not qualify for this credit. Read more
• Canada Caregiver Credit: If you’re supporting a family member with a disability or illness and they rely on you for essentials like food, clothing, and shelter, this credit may apply to you. Read more
• Disability Tax Credit: This credit helps reduce the tax burden for individuals with severe and prolonged physical or mental impairments. It also helps offset costs associated with the impairment. Family members who provide support may also be eligible. Read more
• Medical Expenses Credit: If your medical expenses exceed 3% of your net income or $2,759, you might be eligible for this credit. Expenses paid on behalf of a family member, as long as they weren’t reimbursed, may also be claimed. Read more
• Home Accessibility Expenses Credit: This credit supports home renovations that make the living space more accessible for seniors or people with disabilities. Read more
• Multigenerational Home Renovation Tax Credit: This credit helps with the costs of creating a secondary suite to allow seniors or those eligible for the disability tax credit to live with a family member. It can provide a refund of up to $7,500 for each eligible claim. Read more

For more details on other potential tax credits, visit the Canada Revenue Agency’s (CRA) All deductions, credits, and expenses webpage.

Plan Ahead!

Sign up for direct deposit and file your taxes online with CRA’s NETFILE to avoid delays. Creating an account with the CRA’s My Account is the easiest way to access and manage your tax and benefit details.

SimpleFile

The CRA offers SimpleFile, a free, secure, and convenient service for those with straightforward tax situations. If you’ve been invited to use the service, filing your taxes has never been easier.

• SimpleFile by Phone: Use your phone’s keypad to file in just 5 to 10 minutes, without the need to speak with an agent.
• SimpleFile Digital: File online from your computer or mobile device in 20 minutes or less.

Did You Retire or Turn 65 in 2024?

Visit the CRA’s Taxes When You Retire or Turn 65 webpage for helpful information on what income to report, how to reduce taxes, and how retirement may impact your tax situation.

Need Help?

If you have a modest income and a simple tax situation, volunteers in your community or online may assist with your tax filing. Find a free tax clinic near you.

For additional tax tips for seniors, visit the CRA’s tax tips for older adults.

Stay Informed

• Follow the Seniors in Canada Facebook page
• Sign up for the Minister of Seniors’ monthly newsletter

We encourage you to file your taxes as soon as possible!

*Adapted from the Ministry of Employment and Social Development Canada