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Retired and Seniors Income Tax and Benefit Return

Retired seniors tax preparation. Government of Canada developed several tax programs to help retired Canadians to receive the benefits and credits when filing taxes.

One of the common strategies to consider saving tax for a retired couple is the pension income splitting. Another strategy is to contribute to RRSP plan (until 71 years of age). When turning 71 years of age, RRSP must be transferred to RRIF using bank services. Claiming eligible medical expenses also helps to reduce the tax owned. We review your tax situation and include all the possible items on your tax return to save most of your money. Please, check all the relevant documents to attach to your personal T1 tax return.

Who is considered a retired person?
If you are 55 years of age or older, you are not employed and 50% of your income is coming from your retirement income source, you are considered a retired person. The retirement income sources are Old Age Security pension or the Guaranteed Income Supplement (benefits from the Canada Pension Plan), investments and dividend pensions, superannuation, and annuities.

Retired and Seniors Tax Return Checklist

Eligible Expenses
Income from registered slips

T4 Statement of Remuneration Paid
T4AP CPP Benefits
T4A OAS Old Age Security income
T4RIF Registered Retirement Income Fund
T4RSP withdrawals from RRSP
T4A Other income (pension)

Nursing home expenses
Public transit passes for seniors

Seniors' Home Safety Tax Credit expenses paid in 2021 and 2022 (purchasing non-slip flooring, automatic garage door openers, or renovating a house for safety improvements)

Age Amount (for 65 years of age or older and net income less than $92,480)
Seniors' Home Safety Tax Credit
GST/HST credit (a one-time Grocery Rebate)

Do you provide care for a senior with disabilities? Disability credits

Do you have other sources of income and expenses?