Resources

It’s time to file your 2024 income tax return! Here is a checklist of the main amounts, credits and deductions offered by the two levels of government, and some other information.

Access the checklist

Changes in your taxes

Tax credit for home-support services for seniors

For the year 2024, the tax credit for home-support services for seniors has increased from 37% to 38%. This rate will continue to rise by 1% per year until 2026, when it will reach 40%.

Info: Revenu Québec

Increase in the Capital Gains Inclusion Rate

At the federal level, the inclusion rate for capital gains (from the sale of an asset such as a cottage, stocks, shares in a private company, etc.) has been increased on the portion exceeding $250,000 for individuals. Québec has aligned with this change.

On June 25, 2024, the capital gains inclusion rate rose from 50% to 66.7% for the portion of gains realized by an individual during a year that exceeds $250,000. This annual threshold of $250,000 will apply to the entirety of 2024, with no adjustments based on the number of days. The sale of a principal residence remains exempt from this tax.

*Information valid as of January 20, 2025. Before filing your tax return, please check with the Canada Revenue Agency and Revenu Québec to confirm whether these changes remain in effect.

Info:

• Canada Revenue Agency
• Revenu Québec

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Find out more about this discount

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The main sources of income in retirement

Sources of income

• Additional retirement pension plans
• Québec Pension Plan
• Registered Retirement Savings Plan (RRSP)
• Registered Retirement Income Fund (RRIF)
• Old Age Security (OAS)
• Guaranteed Income Supplement (GIS), if you are eligible
• If you worked in another province, you have access to the Canada Pension Plan retirement pension

In addition, you must consider as income all amounts received as severance pay and lump sum payments when you withdraw money from a pension plan.

Your obligations

• Instalment payments:
  Pay instalments, if requested, to reduce your tax liability.
• Contribution to the Québec Drug Insurance Plan:
  You MUST enroll in the public plan and pay the premium if you do not have private insurance.
•  Withholding taxes:
  The amount of the withholding tax may be reduced, depending on the tax deductions you are entitled to.
•  Snowbirds:
  Complete the T1248 form. Information about your residency status (Schedule D).

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Useful contact information

Federal

• International Social Security Agreements | 1 800 454-8731 | Website
• Old Age Security (OAS), Allowance for the Survivor, Canada Pension Plan (CPP) Retirement Pension, Guaranteed Income Supplement (GIS), Allowance Program | 1-800-277-9915 | Website
• Service Canada | 1 800 959-7383 | Website
• Tax information for seniors | Website

Provincial

• Québec Pension Plan Retirement Pension, Quebec Pension Plan Survivor Benefits | 1 800 463-5185 | Website
• Revenu Québec | Website
  Québec City area: 418 659-6299
  Greater Montréal: 514 864-6299
  Anywhere: 1 800 267-6299

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Need Help?

If you don’t know whether you are taking advantage of all the tax benefits you are entitled to, consult a professional or use the Volunteer Income Tax Assistance Service, offered free of charge by some community organizations. For more information, contact the volunteer action centre nearest you.
Find your nearest volunteer action centre (only in french)

Many regional and local branches of the financial and consumer education group known as ACEF (Associations coopératives d’économie familiale) organize tax clinics for seniors.
Find the ACEF nearest you (only in french)

You can also visit Revenu Québec website to find resources.

If you do not qualify for this service, don’t hesitate to contact a professional.

Updated article and info sheet: January 2025.

Source : FADOQ