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What are the tax benefits after age 65?

What are the tax benefits after age 65?

Many tax benefits are offered to people age 65 or older. Here they are.

If you're 65 or older, you qualify for certain tax breaks, explains Yannick Lemay, a tax expert and spokesman for H&R Block.

Non-refundable credit due to age

The maximum amount granted by the federal government is $1,052 for Quebec taxpayers, but net income must be less than $98,308 (in 2023). From an income of $42,335, the credit will be gradually reduced.

The county's maximum lifetime credit is $506, drops from net income of $38,945 and disappears entirely from household income of $58,220 (2023).

Other credits from age 70

Yannick Lemay confirms that from the age of 70, we can get more tax benefits.

In Quebec, the Senior Support Credit is refundable and can be up to $2,000 per year. To be eligible, income must be less than $64,515.

The Refundable Home Support Tax Credit is calculated on expenses incurred during the year to support the home. You are entitled to it if you live in an RPA and your rent allows you to pay for certain expenses (meals, laundry, housekeeping, home care), but also if you are a landlord for expenses such as personal and medical care in the home, snow removal, window washing, chimney sweeping, etc. Are you a tenant 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 a single independent person is $7,215 (2023). The rate will gradually increase to 40% of eligible expenses in 2026.

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Finally, the tax exemption for expenses incurred by an elderly person to maintain his independence relates to expenses related to the purchase, installation or rental of certain goods such as a walk-in bathtub, a walk-in shower, a walker, a hearing aid, etc.

In addition, the tax credit for medical expenses, provided at the regional and federal levels, is accessible to all taxpayers, not just the elderly.

As for the tax exemption for activities of the elderly, it has unfortunately been abolished in 2023.