Senior’s Tax Return

I am a senior. How can I file my taxes? What should I include in filing taxes?

*** Rbtj.ca offers a 10% seniors discount on the regular price for income tax filing.

If you are 65 or over, you are considered senior in Canada. You are required to report any source of income you had during the tax year. The most common types of income are listed below:

Old Age Security Pension (OAS)

This is a monthly payment that is paid to Canadians whose age is 65 or older. You will receive T4A(OAS) which includes all the information needed to file your taxes.

Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) benefits

Once you retire, this plan gives you and your family a part of your earnings. You will receive T4A(P) which includes all the information needed to file your taxes.

Registered Retirement Savings Plan income (RRSP)

If you made a payment or transferred from a plan, you need to report it while filing your taxes. You will receive a T4RSP, a statement of RRSP Income Slip, which includes all the information needed to file your taxes.

Registered Retirement Income Fund (RRIF)

If you made a payment or transferred from a plan, you need to report it while filing your taxes. You will receive T4RIF, a statement of income from a Registered Retirement Income Fund, which includes all the information needed to file your taxes.

Annuity Payments

If you have an annuity payment, you receive a payment on a regular basis, including a general annuity. You will receive a T4(A) slip, Statement of Pension, Retirement, Annuity, and other income which includes all the information needed to file your taxes. Annuity payment can be seen on the T4RIF slip, Statement of Income from a Registered Retirement Income Fund, as well as the T5 slip, Statement of Investment Income.

Other income

Retiring allowance, other pension and superannuation, Pooled registered pension plan (PRPP) payments, Retroactive lump-sum payments, and other types of income.

In addition to your retirement income, if you have any other income, such as employment income, investment income, self-employed income, rental income or etc., you need to make sure that everything is claimed accurately as well.

Seniors might be eligible for some credits such as GST/HST credit based on their family income level, and related provincial or territorial tax credits.

If you end up with an amount owing, you can use some non-refundable tax credits to reduce your taxes owing. This includes medical expenses (not covered by insurance), disability tax credit, Canada caregiver credit, home accessibility expenses, age amount, and pension income amount.

If you have any questions regarding seniors’ tax returns, you can simply call us at +1250.376.0305 or email us at [email protected].