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From the Wires
Tax Tip: Are you 65 or Older? Claim your Benefits and Credits
Did you know?
By: Marketwire .
Feb. 6, 2013 10:52 AM
OTTAWA, ONTARIO -- (Marketwire) -- 02/06/13 -- There are several benefits and credits designed for seniors. Important information for seniors
-- Age Amount - You can claim this amount if you were 65 years of age or
older on December 31, 2012, and your net income is less than $78,684.
The maximum amount you can claim is $6,720.
-- Pension income amount - You may be able to claim up to $2,000 if you
reported eligible pension, superannuation, or annuity payments on your
return.
-- Pension income splitting - If you're receiving a pension, you may be
eligible to split up to 50% of your eligible pension income with your
spouse or common-law partner.
-- Registered retirement savings plan (RRSP) - Deductible RRSP
contributions can reduce your tax bill. You have until December 31 of
the year you turn 71 to contribute to your RRSP.
-- Registered disability savings plan - A registered disability savings
plan (RDSP) is a savings plan to help families save for the financial
security of a person who is eligible for the disability tax credit.
-- Goods and services tax/harmonized sales tax (GST/HST) credit - You may
be eligible for the GST/HST credit, a tax-free quarterly payment that
helps individuals and families with modest incomes offset all or part of
the GST or HST that they pay.
-- Working income tax benefit (WITB) - Working individuals and families
with low income may be able to claim this refundable tax credit. The
WITB includes a supplement for individuals who qualify for the
disability amount. Eligible individuals and families may also apply for
advance payments.
-- Disability amount - If you have a severe and prolonged impairment in
physical or mental functions, and meet certain conditions, you may be
eligible to claim the disability amount.
-- Public transit amount - You can claim the cost of public transit passes,
such as a monthly or annual pass, for travel within Canada on public
transit in 2012.
-- Medical expenses - You may be able to claim a non-refundable tax credit
based on the cost of previously unclaimed medical expenses for any 12-
month period ending in 2012.
-- Canada child tax benefit (CCTB) - If you are the primary caregiver for a
child under the age of 18, the CCTB may help you with the costs of
raising the child.
-- Child disability benefit - You may be eligible for this tax-free benefit
if you cared for a child under the age of 18 who is eligible for the
disability amount.
-- Universal child care benefit (UCCB) - If you are the primary caregiver
for a child under the age of 6, you may be eligible to receive the UCCB
when you apply for the CCTB.
The Canada Revenue Agency's (CRA) online services make filing even easier The CRA's online services are fast, easy, and secure. You can use them to file your income tax and benefit return, make a payment, track your refund and more. Sign up for direct deposit too! Your refund and any benefit or credit payments owed to you will be deposited directly into your account, putting your money into your pocket faster. For more information, go to www.cra.gc.ca/getready. Fast facts about filing your income tax return online
-- Filing your return online generally means receiving your refund faster.
-- Filing online is easy. Certified software packages and Web applications
(some of which are free to use) guide you through the process, ensuring
you don't miss out on credits and benefits you may be eligible for.
-- If you are already filing online, you no longer need a web access code
to file your return online. Now, all you need is your social insurance
number and date of birth.
-- Filing online is secure. The CRA uses the same high level of online
security used by Canadian financial institutions.
-- File your income tax and benefit return on time to make sure there are
no interruptions to your benefit and credit payments.
-- Go to www.cra.gc.ca/getready and let us walk you through it step by
step.
-- If you have a modest income or simple tax situation, you can contact the
Community Volunteer Income Tax Program. To find a volunteer tax
preparation clinic, go to www.cra.gc.ca/volunteer.
Stay connected (www.cra.gc.ca/socialmedia) To receive updates when new information is added to our Web site, you can: - follow the CRA on Twitter - @CanRevAgency; - subscribe to a CRA electronic mailing list; and - add our RSS feeds to your feed reader. You can also visit us on YouTube for tax-related videos. Contacts: Latest AJAXWorld RIA Stories
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