Even in the Golden Years when so many demands have subsided, our taxes must be paid. So why not make the process as easy and as beneficial as possible? The following tips will assist you:
File your return
You have to file your return to be entitled to most federal and provincial credits and benefits, such as the GST/HST credit. To make filing easy this year, why not file online? It's fast, easy, and secure. If you file online and sign up for direct deposit, you could get your refund in as little as eight business days. Go to www.cra.gc.ca/getready to get the information you need to get started.
Sign up for My Account
My Account is the Canada Revenue Agency's convenient and secure online service for individuals. You can access an ever-increasing range of tax-related transactions, including:
- changing your address;
- Take those tax savings
• Pension income splitting: You may be able to split up to 50% of your eligible pension income with your spouse or common-law partner to lower your combined taxes.
• Medical expenses amount: Claim all eligible expenses paid by you and your spouse or common-law partner. This includes prescription drugs, medical devices, and expenses related to special dietary needs. Remember that you can claim your eligible expenses paid for any 12-month period ending in the year, and not claimed in the previous year.
You can find more information for seniors at www.cra.gc.ca/seniors.
- checking the status of your return;
- changing your marital status;
- verifying your Tax-Free Savings Account contribution room; and
- signing up for direct deposit.
- Disability amount: If you or your spouse, or common-law partner has a severe and prolonged impairment in physical or mental functions, and meet certain conditions, you may be entitled to claim the disability amount and other related credits and benefits. To find out if you are eligible, complete Form T2201, Disability Tax Credit Certificate, and have it certified by a qualified practitioner. Then send the certified form to the Disability Tax Credit Unit at your tax centre. You can send the form any time during the year.