Income Tax Calculator for Seniors – Canada

Here's a comprehensive table summarizing the key points about income tax for seniors in Canada:

Key Point	Description
Eligible Pension Splitting	Seniors can split eligible pension income with a lower-income spouse to reduce overall tax burden.
Pension Credit	A federal tax credit that allows claiming up to $2,000 of eligible pension income for $300 tax reduction4.
Age Amount Credit	Credit available for individuals 65 and older, subject to income limits7.
Low Income Tax Reduction	Provincial tax reduction program available for low-income individuals and families2.
Medical Expenses Tax Credit	Claim for eligible medical expenses to reduce taxable income6.
Home Accessibility Tax Credit	Credit for significant home modifications for accessibility, based on specific criteria6.
Disability Tax Credit	Claimable for seniors with disabilities, providing substantial tax relief7.
Property Tax Rebate	Rebate to assist low-income seniors with municipal property taxes.
OAS and CPP Income Reporting	Report OAS and CPP benefits as income on tax returns; impact of these payments on tax liabilities1.
Simple Tax Filing Options	Various clinics offer assistance in filing taxes to simplify the process for seniors3.
BC Renter's Tax Credit	New credit in B.C. for low- and moderate-income renters, up to $400 based on income4.
Canada Caregiver Credit	Available for those supporting a spouse or dependent with physical or mental impairment4.
Sharing Tax Credits	Unused credits for age, disability, pension income can be shared with a spouse7.
Spousal RRSPs	Allows high-earning spouse to contribute to lower-earning spouse's RRSP for tax benefits8.
Attendant Care Credit	Available for those qualifying for Disability Tax Credit who need assistance with daily activities8.

This table provides a comprehensive overview of the various tax considerations and benefits available to seniors in Canada. It's important to note that eligibility criteria, income thresholds, and specific amounts may change annually, so it's advisable to consult the most recent information from the Canada Revenue Agency or a tax professional for the most up-to-date details.