season doesn't have to be -- well, taxing.
you're 65 or older, Canada Revenue
Agency (CRA) has some tips on benefits and credits designed
just for seniors.
instance, if you were 65 or older on December 31, 2012 and your net income was
less than $78,684 you can claim an age amount
of up to $6,720.
may also claim a pension income
amount up to $2,000 if you reported eligible pension,
superannuation or annuity payments on your income tax return. As well, if
you're receiving a pension you may be entitled to pension income
splitting with your spouse or common-law partner of up to 50 per
cent of your eligible pension income.
Registered Retirement Savings Plan (RRSP) deductible contributions can also
help reduce your income tax. You have until December 31 of the year you turn 71
to contribute to your RRSP.
tax breaks that are worth looking into include the Registered Disability Saving
Goods and Services Tax/Harmonized Sales Tax (GST/HST)
credit that helps people with modest incomes offset all or part of the GST/HST
they pay; Working Income Tax Benefit (WITB);
amount; public transit
amount; and medical
expenses that you may qualify for.
you're computer and web savvy you may also file your your income tax online
through the CRA. The online service enables you to file your income tax and
benefit returns, make a payment, sign up for direct deposit and track your
refund. All you need is your Social Insurance Number and date of birth to
access the system.
agency also offers a Community Volunteer Income Tax Program
to assist those with modest incomes or simple tax situations.
Remember...the deadline to file your Personal Income Tax is April 30, 2013. Those who are self-employed have until June 15 unless they have a balance owed and then the deadline is April 30, 2013.
By Donna Donaldson, MSN Money
Will you be filing your taxes online this year?