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Toronto Seniors and Their Tax Matters

Toronto Seniors and their taxes

Getting to the age of retirement is something most people look forward to. It is supposed to be the time where you now get to do what you want to do. In many cases a lot of people have gone without a lot of things just so they would have a nice little sum of money to rely on so they can live comfortably. Others have made investments into things like RRSP’s, or pension plans. Now they are finding that there are tax implications that could be affecting their senior income generated from their Old Age Pension, Canada Pension Plan as well as their additional pension plans. This all creates the need for using a tax accountant that offers personal tax services to help keep you on track, especially if you are a senior with additional income.

 

Perhaps you have just entered into your retirement and are in a situation where you have had to pay tax by installments. But depending on you’re a taxable income that you are now going to be earning in your retirement years you may still be in a situation where you still have to pay your taxes by installment. You can arrange to have this done by having the tax withheld from your old age security or your Canada Pension Plan income. This will require the need to file a special form with your tax office. The same will apply if you want to have the tax withheld from your private pension plan. This is something that your accountant will be able to assist you with. If you have other sources of income however such as investments you will not be able to have the tax withheld from the sources.

 

As a senior you may be thinking and that there is not much available to you by way of tax credits. However, there are some basic ones that that you may be able to take advantage of. You will be able perhaps to claim your medical expenses, or there may be a disability amount that you are eligible for. For some types of pension there is a credit for the pension income amount. One credit you will be eligible for, for sure is if you are 65 are older, which is the age amount. Also don’t forget that there are other potential credits and senior homeowner’s property tax grant credits that need to be taken a look at as well.

 

It is unwise to assume that just because you have reached the senior years that you do not need assistance with your taxes especially if you have additional incomes as mentioned before. It is much better to use this type of professional service to know that you are getting your taxes done right, and are also going to get the benefit of any potential tax credits that you qualify for.

 

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Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

Telephone: (416) 398-1700
Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant

Email: sam@torontoaccountant.ca

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The information provided here and throughout the site of TorontoAccountant.CA is intended for general tax information only, and should not be misconstrued as a legal source of information regarding your tax situation, or be used for any other purposes other than for general information.
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