Tax Tips for Seniors | Feb 22, 2021
The Home Accessibility Tax Credit:
Seniors and persons with disabilities who are eligible for the Disability Tax Credit can qualify for tax relief of 15% 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.
Increasing the Age Amount:
The Age Amount allows seniors to claim up to $7,637 on their 2020 tax return, depending on the individual’s net income.