Did you know ?
How to take advantage of government programs and discounts at retirement?
Do you know the government programs people over 65 can take part in to help them lower their taxes? As this year comes to a close, here are some tips to help you take advantage of them.
- Pension income splitting helps elderly couples. Spouses can then decide to share up to 50% of their eligible retirement income with their partner.
- The amount for a person living alone reduces the tax amount for people living alone or exclusively with minors, or exclusively with children, grandchildren or great grandchildren studying full-time
- The goal of the refundable tax credit for medical expenses is to pay for part of the medical expenses paid by a taxpayer.
- The Canada caregiver credit is a non-refundable tax credit offered to people supporting their spouses or dependents with a mental or physical impairment.
- The Guaranteed Income Supplement is a monthly payment for the elderly who receive Old Age Security and have a low income.
- The age amount is available for people aged 65 or over. To qualify for this amount at the federal level, their net retirement income must be under $92,480. In Quebec, eligibility ceases when net income reaches $54,697.
With the help of your financial advisor, you can ensure that you take advantage of existing government programs.
Source: Beneva*
To talk to a Beneva advisor
*Beneva designates Beneva Inc., Financial Services Firm.
