With individual tax deadlines approaching (the deadline to file your taxes as an individual living in Canada is April 30, 2019) it’s a good time to start thinking about your finances. While technically, you are only required to file income taxes if you owe money, it is considered best practice to file your taxes each year as you may be eligible to receive certain tax refunds depending on your situation. Tax credits and related benefits are often proposed to reduce the tax burden on older adults and, hopefully, reduce poverty. Finding the tax benefits to which you are entitled can make you dizzy! And understanding whether you are eligible for your particular situation (for example, your age, family situation, and health status) makes things even more complex. Tax professionals, such as accountants, can help you navigate the tax system. There is also a simple tool developed by the Government of Canada that allows you to obtain a personalized list of benefits for which you may be eligible.
Whether you’re looking to better understand tax credits and other benefits available to you, or simply looking to improve how you manage your finances in your later years, we have compiled some helpful resources to guide you.
