Income Tax Tips 2023
The deadline to file taxes is quickly approaching. This year’s tax-filing deadline for most individuals is April 30, 2022. However, if you are self-employed or have a spouse or a common-law partner who is self-employed, the deadline is June 15, 2022.
Why should I file my taxes?
It is vital to file your taxes on time, even if you don’t owe any money. Your eligibility for many important federal and provincial supports and benefits, such as the Guaranteed Income Supplement, Fair Pharmacare, and Shelter Aid for Elderly Renters is often based on your annual income tax return. Filing on time helps avoid any disruption to your payments.
How do I file my taxes?
You can file your taxes online or by paper, or find other options such as having someone else complete them for you.
Click here to learn how to get ready to do your taxes
You can also take a free online course about personal income taxes in Canada and learn how to file a basic tax return.
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Tax Tips
Free Tax Clinics
The Canada Revenue Agency has a directory of community organizations hosting free tax clinics. Some clinics that are currently operating may complete and file taxes for free, by videoconference or by phone. To find a clinic in your community, check the directory, which is updated regularly.
Find a free tax clinic
Eligible Medical Expenses for Tax Returns
You may be able to claim medical expenses on your tax return. Canada Revenue Agency has a list of eligible items online and instructions about how to claim them on your taxes. Some common items include prescription medication, devices, equipment, services, travel expenses and renovations.
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Splitting pension income with your spouse or common-law partner
You and your spouse or common-law partner may be able to split your eligible pension income if you meet the requirements.
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Tax Credits
Tax credits are deductions you may be able to claim when you complete and submit your income tax return. Tax credits can be based on income, investments, training or education, activities you’re involved in, expenses you incur or the work that you do. See below for a list of tax credits that seniors are often eligible for.
- Disability Tax Credit
The Disability Tax Credit (DTC) helps offset extra costs related to living with a disability. If you or a dependent spouse or common-law partner have a serious or prolonged physical or mental impairment, you may be able to claim expenses related to assisted living, elder care, home care services and other services.
To determine eligibility, you must first complete a Disability Tax Credit Certificate—Form T2201—and have it certified by a medical practitioner.
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- B.C. Home Renovation Tax Credit for Seniors and Persons with Disabilities
The Home Renovation Tax Credit for Seniors and Persons with Disabilities is also available for family members living with seniors to assist with the cost of some permanent home renovations to improve accessibility and daily living activities.
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- Age Amount tax credit
You may be eligible to claim this tax credit if you were 65 years of age or older on December 31, 2022, and your net income is less than $92,480.
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- Canada Caregiver Credit
You may be eligible for this tax credit if you support a spouse or common-law partner, or a dependent with a physical or mental impairment.
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- Pension income amount credit
If you reported eligible pension, superannuation or annuity payments on your tax return, you may be able to claim up to $2,000 as a tax credit. Alternatively, you may wish to transfer the credit to your spouse or common-law partner.
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Click here to see a full list of tax credits and benefits for individuals