Working into your sixties? In your seventies and living in your own house, an apartment, a private seniors' residence or a health establishment? You may be eligible for the tax credit for career extension, the tax credit for home-support services for seniors, or other tax benefits. Read on to learn more.
There are a number of tax benefits based on your age at the end of the year. If you were 60 or over and had eligible work income, you can claim the tax credit for career extension.
Once you turn 65, you are eligible for:
Once you turn 70, you can claim the following refundable tax credits:
Note that conditions apply for all these tax benefits.
Once you turn 65, you are eligible for:
Once you turn 70, you can claim the following refundable tax credits:
If you are 60 or over and have eligible work income, you can claim the tax credit for career extension.
Note that conditions apply for all these tax measures.
The senior assistance tax credit is for modest-income seniors. To be eligible, you must have been resident in Québec at the end of the year, and you or your spouse must be a Canadian citizen or have a recognized residency status. You or your spouse must also be 70 or over and file a tax return. However, you can get the credit even if you don’t claim it in your return.
The tax credit for home-support services for seniors is for people 70 or over who live in their own house or apartment or in a private seniors’ residence. It’s equal to 35% of the eligible expenses you paid in the year, though it may be reduced based on your family income. The amount of the credit, how it is calculated and the list of eligible services depend on the type of dwelling you live in.
To be eligible, you must have met the following requirements at the end of the year:
The amount of the tax credit is based on your eligible work income. To calculate it, complete form TP-752.PC-V, Tax Credit for Career Extension, and file it with your tax return.
Your eligible work income must be over $5,000. Generally speaking, eligible work income is gross employment income and net business income. For workers age 60 to 64, the limit on eligible work income is $10,000, for a maximum tax credit of $1,500. For workers age 65 or over, the limit is $11,000, for a maximum tax credit of $1,650. The tax credit may be reduced if your eligible work income is above a certain threshold.
Yes. At 65, you’ll be automatically registered for the public prescription drug insurance plan. However, if you’re still eligible for basic prescription drug coverage under a private plan (contact your insurer to find out), you can choose to cancel your registration for the public plan. If your private insurance only provides complimentary coverage, you’ll still have to pay a premium for the public plan.