Tips from the Home Healthcare Team at Home Instead
For many, the turning of the calendar year indicates it is time to think of tax season. Winter may seem to be dragging, but before you know it, April will be here with warmer temperatures and the tax man. Tax time can be a time of frustration and anguish. Crunching numbers is not everyone’s favourite pastime, and paying a tax bill only adds to the discomfort. One way to ease the pain of taxes is to ensure you claim every credit for which you qualify. As individuals who have worked hard and contributed to the economy for years, Canadian seniors have the privilege of certain tax credits.
You never know when you might wind up with a refund instead of a bill. For example, if you or your loved one suffers from one of the disability categories listed by Canada Revenue Agency, you may be eligible for a disability tax credit (DTC). If you or your senior loved one need assistance pulling together paperwork and transportation to your tax consultant, a professional caregiver from Home Instead Senior Care Hamilton can help. Our home healthcare staff is highly-trained and ready to help you remain living independently in your home.
4 Credits to Protect Seniors from a High Tax Bill
As the adage goes, there are two inevitable facts of life: death and taxes. When you care about your health, you live longer and feel better. When you care about your finances, you can lower your tax bill, even if you come out of retirement. Here are a few credits to keep in mind when you file your income taxes this year:
- Consider Splitting Your Pension Income: You may be able to reduce your tax liability if you split up to 50% of your eligible pension with your spouse or common-law partner. This is helpful if your significant other is in a lower tax bracket than you.
- Take Advantage of being Over 65: If your 2018 income was less than $85,863, you might be able to claim up to $7,333 on your return for being a senior.
- Severe or Prolonged Disability May Result in a Credit: If you or your spouse have a physical or mental impairment, you might be eligible for a disability tax credit. It can also be split between the two of you.
- Make Medical Expenses Count: Keep all your receipts, copies of your prescriptions, and any certifications in writing handy if you consider taking this credit off your income tax return. Speak with your accountant to see if payments made for your senior care attendant may qualify.
Take advantage of all the credit you deserve and lower your tax liability. It is good to remember that if you do not have a professional to prepare your taxes, you can take advantage of free tax help.
Protect Your Senior from Tax Scams with Help from Home Instead Senior Care
Scammers are everywhere. If you or your elderly loved one has received suspicious mail or telephone calls purporting to be from the CRA, it could be a scam. The team at Home Instead Senior Care has a variety of resources including a checklist to help scam proof your senior. Enlist the senior care services of one of our caring and highly-trained caregivers to help you stay active, living independently in your home. We offer tailored plans to give them the attention needed.