Senior Tax Claims | Mar 11, 2020
We delivered a number of tax-saving initiatives to help seniors keep more of their hard-earned money in their pockets.
Here are a few tax benefits that you can claim:
Home Accessibility Tax Credit:
Seniors and persons with disabilities who are eligible for the Disability Tax Credit are considered qualified for this tax relief of 15 per cent on up to $10,000 in eligible expenses, delivered by the previous Conservative government. To be eligible, expenses must be incurred in relation to a renovation allowing for better mobility and functionality or reducing the risk of harm.
Doubling the Pension Income Amount:
Years ago, a non-refundable pension income credit was introduced to apply to the first $1,000 of eligible pension income. A lot has changed since then, which is why the previous Conservative government increased the maximum amount of eligible pension income that can be claimed to $2,000. This results in even more savings that will make a real difference for pensioners.