Help clients 65 and older make the most of their tax returns

If your client is 65 or older, help them make the most of this tax-filing season with the following list of credits, benefits, deductions and expenses to claim (not all are age-specific).

• Guaranteed income supplement. This tax-free monthly benefit is for those 65+ who receive old age security and who have low incomes.
• Canada caregiver credit. This non-refundable tax credit may be available to those who support a spouse or common-law partner, or a dependent with a physical or mental impairment.
• GST/HST credit. This tax-free quarterly payment is for those with low and modest incomes, and may include a provincial or territorial credit amount, such as the B.C. climate action tax credit or the Newfoundland and Labrador seniors’ benefit. Clients are automatically considered for the GST/HST credit when they file their taxes.
• Canada carbon rebate (not available in B.C., the Northwest Territories, Nunavut, Quebec or the Yukon). To receive the first payment on April 15, clients must file their taxes online by March 24. “If you file later, generally, you can expect your [Canada carbon rebate] payment six to eight weeks after we assess your tax return,” the Canada Revenue Agency (CRA) said in a release on Tuesday.
• Disability tax credit. This non-refundable tax credit helps those with disabilities, or a supporting family member, reduce their income tax.
• Disability supports deduction. This deduction can be claimed by those with a physical or mental impairment who paid for certain medical expenses for work, school or grant-funded research.
• Medical expenses. The taxpayer or their spouse/common-law partner must have paid the eligible expenses in any 12-month period ending in 2024.
• Canada training credit. Eligibility criteria include being less than 66 years old at the end of the year.
• Home accessibility expenses. Eligible expenses for qualifying renovations to an eligible dwelling can be claimed if, for example, a taxpayer is 65 or older at the end of the year.
• Multigenerational home renovation tax credit. A taxpayer could claim up to $7,500 for eligible renovation costs to add a secondary unit for a senior or an adult with a disability. Note that, for homeowners, such self-contained units can affect the principal residence exemption, as explained in a LinkedIn post by lawyer Jonathan Wright, a tax partner with Ritchie, Kwo & Wright LLP in Vancouver.
• Deductions, credits and expenses related to pension and savings income. These include amounts clients can claim for contributions to Canada Pension Plan, Quebec Pension Plan, RRSPs and registered pension plans.

The CRA has a list of types of income a taxpayer may receive when they retire or turn 65, as well as ideas to reduce income, including pension income splitting with their spouse or common-law partner.