What are the tax benefits after 65?

A number of tax benefits are available to people aged 65 and above. Here they are.

If you're 65 and older, you may be eligible for certain tax credits, explains tax expert and H&R Block spokesperson Yannick LeMay.

Non-repayable credit due to age

The maximum amount granted by the federal government to a Quebec taxpayer is $1,052, but the net income must be less than $98,308 (year 2023). From income of $42,335, the credit is gradually reduced.

The provincial age credit tops out at $506, which drops from net income of $38,945 and disappears entirely from family income of $58,220 (2023).

Other credits from age 70

Yannick Lemay emphasizes that from the age of 70, we have access to more tax benefits.

In Quebec, the credit for support for seniors is repayable and can reach up to $2,000 per year. To qualify, income must be less than $64,515.

The refundable tax credit for household support is calculated on expenses incurred during the year for household support. If you live in an RPA and the rent allows you to pay certain expenses (meals, laundry, housekeeping, home care), but you are the owner of expenses such as personal and medical care at home, snow removal, window washing, chimney sweeping, etc. Are you renting in an apartment building? In this case, 5% of the rent is used to calculate the tax credit. In all cases, the maximum annual credit for an independent individual is $7,215 (2023). The rate will gradually increase to reach 40% of eligible expenses in 2026.

Finally, the tax credit for expenses incurred by a senior to maintain his independence relates to the purchase, installation, or rental of certain items, such as a walk-in bathtub, walk-in shower, walker, or hearing aid. , etc

Added to this is a tax credit for medical expenses, offered provincially and federally, that is available to all taxpayers, not just seniors.

As for the tax credit for seniors' activities, it is unfortunately phased out in 2023.