Where did the time go? If you live in Canada, or are a Canadian citizen living abroad in retirement, you already know that the 2016 tax return season is here. The first 60 days of 2017 are almost over, and it’s time to gather all of your medical receipts, income slips and investment income statements.
Tax season can be stressful, especially if you’re facing the task alone for the first time, or you’re trying to save money on accountant fees by filing the return yourself. It’s important to file your tax return for several reasons: it’s the law; you could be eligible for substantial tax credits; you may have a refund owning to you. If you’re a senior who is living on a fixed income, every nickel counts!
Milestone Health Services Halton does not file tax returns or give advice, but we’ve collected some useful tips for seniors from the Canada Revenue Agency website for you and put the information into context for seniors.
Decide how you will file your tax return
You can hire an accountant or firm to prepare your tax return, or you can make use of the free software that the Canada Revenue Agency (CRA) offers on its website if you can NetFile.
Whether you live in Canada or abroad, your resident status affects how you file your return, and can also change the amount of tax you pay.
What is NetFile?
If your circumstances do not fall under one of the CRA restrictions, then you can complete your tax return on a computer and send the file electronically. This method can help you receive your refund sooner, and it ensures that your personal information is sent securely. You will need to know how to use a computer and tax software.
Paper tax returns and asking for help
If you opt to file a paper return, you can print the paper forms, or pick up a package from your local Canada Post outlet.
If you need someone to help you, you can:
- authorize them to represent you by filling out a form and sending it to the CRA
- Remember to carefully read the form, and call the CRA at 1-800-959-8281 (Monday to Friday 9 am – 5 pm local time) to be better informed.
It’s important that you trust the person you authorize.
If you’re feeling pressured by anyone to sign anything you don’t want to sign, we encourage you to file an elder abuse report to the Halton Police.
Senior tax credits
The Canada Revenue Agency has developed some ways to help seniors manage their retirement finances. Tax credits can help you keep more money to meet your needs such as medical expenses that aren’t covered by your provincial health care plan.
Every taxpayer’s circumstances are unique, so you should reach out to the CRA to ask about how you can take advantage of any or all of the following tax credits:
- Age amount
- Income splitting
- Pension income amount
- Medical expenses
- Disability amount
- Family Caregiver amount
* (This list is not comprehensive. Click here for more information.)
How can Milestone Health Services Halton help?
We can’t do your taxes for you, however we can help coordinate a meeting with a group that helps residents complete simple tax returns if you are eligible.
Our caregivers can:
- help you learn how to use a computer
- arrange for transportation to your accountant’s office
If you live in the Halton area, including Georgetown, Burlington, Oakville, Milton and Mississauga North, contact Milestone Health Services Halton for a complimentary in-home assessment at 1-888-509-9394 or 905-864-9020. You can also use our online contact form.