Tax Credits for Seniors
Laura Chanin • July 13, 2023

Here are some tax credits for (mostly) seniors in Canada.

Age Amount: Canadian seniors over 65 with income below $39,826 can claim a non-refundable tax credit of $7,898 for the 2022 tax year. The credit can be transferred to a spouse or common-law partner if not needed.


Pension Income Amount: Seniors who received pension income reported on specific lines of their tax return can claim a tax credit of $2,000. Eligible types of pension income include private pensions, superannuation payments, RRSP income, and income splitting with a spouse.


Pension Income Splitting: Seniors who reported income on line 11500 of their tax return may be able to split that income with their spouse or common-law partner by completing Form T1032, Joint Election to Split Pension Income.


Home Accessibility Tax Credit (HATC): Seniors can claim a non-refundable tax credit of 15% for up to $10,000 in expenses incurred for making their home more accessible. Examples of eligible improvements include stair lifts and wheelchair ramps.


Medical Expense Tax Credit: Seniors, along with Canadians of all ages, can claim eligible medical expenses that exceed the minimum threshold (3% of net income or $2,479 for the 2022 tax year). Eligible expenses can include cancer treatment, medical equipment, and travel expenses for medical treatment.


Disability Tax Credit: Designed for individuals with disabilities and their caregivers, the non-refundable Disability Tax Credit provides a tax credit of $8,870 for the 2022 tax year.


Federal Political Contribution Tax Credit: Taxpayers who made donations to a federal political party can claim a tax credit if they owe tax for the year. The credit cannot be carried forward but can be claimed by a spouse if unused.


Charitable Donations: Seniors can claim tax credits for donations made to registered charities in Canada. The credit is 15% on the first $200 donated and 29% on amounts over $200.


Climate Action Incentive (CAI): Residents of Alberta, Saskatchewan, Manitoba, and Ontario can claim the CAI, a tax credit designed to offset carbon tax fuel charges that increase gas costs. Each household can claim one credit.


Canada Caregiver Credit: Seniors providing support to dependents with physical or mental disabilities may be eligible for the non-refundable Canada Caregiver Credit.



Source: www.canada.ca

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