Do you know the government programs people over 65 can take part in to help them lower their taxes? As this year comes to a close, here are some tips to help you take advantage of them.
- Pension income splitting helps elderly couples. Spouses can then decide to share up to 50% of their eligible retirement income with their partner.
- The amount for a person living alone reduces the tax amount for people living alone or exclusively with minors, or exclusively with children, grandchildren or great grandchildren studying full-time
- The goal of the refundable tax credit for medical expenses is to pay for part of the medical expenses paid by a taxpayer.
- The Canada caregiver credit is a non-refundable tax credit offered to people supporting their spouses or dependents with a mental or physical impairment.
- The Guaranteed Income Supplement is a monthly payment for the elderly who receive Old Age Security and have a low income.
- The age amount is available for people aged 65 or over. To qualify for this amount at the federal level, their net retirement income must be under $92,480. In Quebec, eligibility ceases when net income reaches $54,697.
With the help of your financial advisor, you can ensure that you take advantage of existing government programs.
*Beneva designates Beneva Inc., Financial Services Firm.