{"id":500649,"date":"2025-01-21T16:16:15","date_gmt":"2025-01-21T21:16:15","guid":{"rendered":"https:\/\/www.investmentexecutive.com\/?p=500649"},"modified":"2025-01-21T16:16:15","modified_gmt":"2025-01-21T21:16:15","slug":"help-clients-65-and-older-make-the-most-of-their-tax-returns","status":"publish","type":"post","link":"https:\/\/www.investmentexecutive.com\/news\/industry-news\/help-clients-65-and-older-make-the-most-of-their-tax-returns\/","title":{"rendered":"Help clients 65 and older make the most of their tax returns"},"content":{"rendered":"<p>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).<\/p>\n<ul>\n<li><a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp\/old-age-security\/guaranteed-income-supplement.html\" target=\"_blank\" rel=\"noopener\">Guaranteed income supplement<\/a>. This tax-free monthly benefit is for those 65+ who receive old age security and who have low incomes.<\/li>\n<li><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/about-your-tax-return\/tax-return\/completing-a-tax-return\/deductions-credits-expenses\/canada-caregiver-amount.html\" target=\"_blank\" rel=\"noopener\">Canada caregiver credit<\/a>. 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.<\/li>\n<li><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/child-family-benefits\/goods-services-tax-harmonized-sales-tax-gst-hst-credit.html\" target=\"_blank\" rel=\"noopener\">GST\/HST credit<\/a>. 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&#8217; benefit. Clients are automatically considered for the GST\/HST credit when they file their taxes.<\/li>\n<li><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/child-family-benefits\/canada-carbon-rebate\/who-eligible.html\" target=\"_blank\" rel=\"noopener\">Canada carbon rebate<\/a> (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. &#8220;If you file later, generally, you can expect your [Canada carbon rebate] payment six to eight weeks after we assess your tax return,&#8221; the Canada Revenue Agency (CRA) said in <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/news\/newsroom\/tax-tips\/tax-tips-2025\/adults-65-tips-help-tax-season.html\" target=\"_blank\" rel=\"noopener\">a release<\/a> on Tuesday.<\/li>\n<li><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/segments\/tax-credits-deductions-persons-disabilities\/disability-tax-credit.html\" target=\"_blank\" rel=\"noopener\">Disability tax credit<\/a>. This non-refundable tax credit helps those with disabilities, or a supporting family member, reduce their income tax.<\/li>\n<li><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/about-your-tax-return\/tax-return\/completing-a-tax-return\/deductions-credits-expenses\/line-21500-disability-supports-deduction.html\" target=\"_blank\" rel=\"noopener\">Disability supports deduction<\/a>. 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.<\/li>\n<li><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/about-your-tax-return\/tax-return\/completing-a-tax-return\/deductions-credits-expenses\/lines-33099-33199-eligible-medical-expenses-you-claim-on-your-tax-return.html\" target=\"_blank\" rel=\"noopener\">Medical expenses<\/a>. The taxpayer or their spouse\/common-law partner must have paid the eligible expenses in any 12-month period ending in 2024.<\/li>\n<li><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/child-family-benefits\/canada-training-credit.html\" target=\"_blank\" rel=\"noopener\">Canada training credit<\/a>. Eligibility criteria include being less than 66 years old at the end of the year.<\/li>\n<li><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/about-your-tax-return\/tax-return\/completing-a-tax-return\/deductions-credits-expenses\/line-31285-home-accessibility-expenses.html\" target=\"_blank\" rel=\"noopener\">Home accessibility expenses<\/a>. 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.<\/li>\n<li><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/about-your-tax-return\/tax-return\/completing-a-tax-return\/deductions-credits-expenses\/multigenerational-home-renovation.html\" target=\"_blank\" rel=\"noopener\">Multigenerational home renovation tax credit<\/a>. 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 href=\"https:\/\/www.linkedin.com\/pulse\/principal-residence-exemption-words-comfort-jonathan-wright-mpdhc\/?trackingId=CJlqN3Sqdg40gCfQtVh5zA%3D%3D\" target=\"_blank\" rel=\"noopener\">a LinkedIn post by lawyer Jonathan Wright<\/a>, a tax partner with Ritchie, Kwo &amp; Wright LLP in Vancouver.<\/li>\n<li><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/about-your-tax-return\/tax-return\/completing-a-tax-return\/deductions-credits-expenses\/pension-savings-plans-deductions-credits.html\" target=\"_blank\" rel=\"noopener\">Deductions, credits and expenses related to pension and savings income<\/a>. These include amounts clients can claim for contributions to Canada Pension Plan, Quebec Pension Plan, RRSPs and <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/about-your-tax-return\/tax-return\/completing-a-tax-return\/deductions-credits-expenses\/line-20700-registered-pension-plan-rpp-deduction.html\" target=\"_blank\" rel=\"noopener\">registered pension plans<\/a>.<\/li>\n<\/ul>\n<p>The CRA has <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/segments\/changes-your-taxes-when-you-retire-turn-65-years-old.html\" target=\"_blank\" rel=\"noopener\">a list of types of income<\/a> a taxpayer may receive when they retire or turn 65, as well as ideas to reduce income, including <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/pension-income-splitting.html\" target=\"_blank\" rel=\"noopener\">pension income splitting<\/a> with their spouse or common-law partner.<\/p>\n<p>Regarding the upcoming RRSP deadline, the CRA <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/news\/newsroom\/tax-tips\/tax-tips-2025\/adults-65-tips-help-tax-season.html\" target=\"_blank\" rel=\"noopener\">release<\/a> said that although the deadline to contribute for the 2024 tax year is a Saturday \u2014 March 1, 2025 \u2014 RRSP contributions can be made between March 1, 2024, and March 3, 2025, to be deducted on 2024 tax returns.<\/p>\n<p>Assuming they have contribution room, a client can contribute to their RRSP until Dec. 31 of the year they turn 71. After that, they can contribute up to their RRSP deduction limit to a spousal or common-law partner RRSP if the spouse or common-law partner is 71 or younger on Dec. 31 of the year of the contribution.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here&#8217;s a cheat sheet of helpful credits, benefits, deductions and expenses<\/p>\n","protected":false},"author":145539,"featured_media":495235,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2312,2318],"tags":[107540,104422,3251,2742,2377],"yst_prominent_words":[69444,40448,40442,32353,26726,13298,11554,11551,5446,5332,5323,5077,2170],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/500649"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/145539"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=500649"}],"version-history":[{"count":4,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/500649\/revisions"}],"predecessor-version":[{"id":500722,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/500649\/revisions\/500722"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media\/495235"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=500649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=500649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=500649"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=500649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}