Are you 65 or older? File your Taxes and claim your credits
Seniors and their spouses, there are many benefits and credits
If you have net income less than $80,980, and you turned 65 on Dec 31, 2014 or older; you may qualified to claim age amount tax credit to a maximum of $6,960.
When you file your return in 2015, you may claim up to $2,000 if you reported eligible pension, superannuation or annual payments as a pension income amount, you can split your pension income up to 50% with your spouse or common-law partner.
Also, you can claim your non-refundable tax credit of total eligible medical expenses for you or your spouse/ common-law partner or your dependable children who were born in 1997 or later years.
If you suffer from any physical or mental disability and according to your physician you are incapable to provide yourself with the daily mental functions or you need assistance for walking impairment, you need to obtain Form T2201 Disability Tax Credit Certificate signed and certified by a qualified practitioner to claim your disability tax credit DTC.
Do you know Registered disability savings plan (RDSP) is a saving plan for families with a person qualified for disability tax credit DTC; to secure their future financial needs, this kind of contribution is not tax-deductible and can be made up to the beneficiary turns 59, also you can contribute to your Registered Retirement Savings Plan (RRSP) until Dec 31 of the year in which you turn 71; hint: deductible RRSP contribution can reduce your tax payment.
Under Ontario Senior Homeowners’ Property Tax Grant, you may be qualified up to $500 a year if you or your spouse/ common-law partner resides in Ontario and paid Ontario property tax during the year, you meet the income requirement of net of $35,000 or less, and as of Dec 31 of the previous year you turned 64 years of age or older.
Goods and Services Tax harmonized sales tax-free quarterly payments, to be qualified for these payments, Canada Revenue Agency (CRA) will send you a determination letter to notify you if you are qualified or not.
Working individuals and families with low income may be able to claim the working income tax benefit (WITB) this is a refundable tax credit, it provide tax relief for low income families minimum of $3000 worth of working income, The WITB includes a supplement for individuals who are eligible for the disability tax credit. Eligible individuals and families may also apply for advance payments.