Tax Deductions And Credits Checklist For Senior Citizens

If you’re a senior citizen and you have worked hard over the years, to make the best of your life, then you should make sure that you get the benefits you deserve for the remaining years of your life. However, it can be pretty hard to keep track of the many things pertaining to the credits and deductions that are available to you when you file your yearly taxes.

The age amount can be claimed, if at December 31st,2013 you were 65 years of over with a net income below $80,256.

The pension income amount can be claimed if you received eligible pension, superannuation or annuity payments.

The pension income splitting allows you to report up to a half of the pension income on the tax return of your spouse.

The split CPP income lets you or your spouse able to apply to split your benefits with each other, if both of you are at least 60 years old.

The CPP contributions applies to you if you’re 60 to 70 years old, are employed or self-employed.

The medical expense claim applies to you if the expenses incurred in any 12-month period that ended in 2013.

The disability amount may apply to you If you have a sever and prolonged physical or mental impairment.

The public transit amount can be claimed for the cost of monthly public transit passes for travel on public transit within Canada for 2013.

The work force credits may apply to you if you are still working. You will be able to claim the Working income tax benefit as well as the Canada employment amount.

The registered plans let you make contributions to a RRSP until the end of the year that you turn 71.

The OAS clawbacks can have their impact reduced if you can change the type of income you earned.

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