If you are 65 or older and living in Ontario, you can make the most of this tax-filing season with the following federal and provincial credits and deductions. We have included senior benefits, too, to make the list more comprehensive.
Federal (Canada Revenue Agency a.k.a CRA) benefit and tax credit programs for seniors
Canada caregiver credit. This non-refundable tax credit may be available to those who support a spouse or common-law partner, or a dependent with a physical or mental impairment.
Canada training credit. Eligibility criteria include being less than 66 years old at the end of the year.
Canada carbon rebate To receive the first payment on April 15, clients must file their taxes online by March 24. The payment usually starts six to eight weeks after the CRA assesses the individual’s tax return.
Deductions, credits and expenses related to pension and savings income. These include amounts you can claim for contributions to Canada Pension Plan, Quebec Pension Plan, RRSPs and registered pension plans.
Disability tax credit. This non-refundable tax credit helps those with disabilities, or a supporting family member, reduce their income tax.
Disability supports deduction. This deduction can be claimed by those with a physical or mental impairment who paid for certain medical expenses for work, school or grant-funded research.
GST/HST credit. This tax-free quarterly payment is for those with low and modest incomes, and may include a provincial or territorial credit amount. Clients are automatically considered for the GST/HST credit when they file their taxes.
Guaranteed income supplement. This tax-free monthly benefit is for those 65+ who receive old age security and who have low incomes.
Home accessibility expenses. Eligible expenses for qualifying renovations to an eligible dwelling can be claimed if, for example, a taxpayer is 65 or older at the end of the year.
Medical expenses. The taxpayer or their spouse/common-law partner must have paid the eligible expenses in any 12-month period ending in 2024.
Multigenerational home renovation tax credit. A taxpayer could claim up to $7,500 for eligible renovation costs to add a secondary unit for a senior or an adult with a disability. Speak with a qualified tax expert on how these self-contained units can affect the principal residence exemption for homeowners.
The Canada Revenue Agency (CRA) has a list of types of income a taxpayer may receive and strategies to reduce income when they retire or turn 65, such as pension income splitting with their spouse or common-law partner.
The deadline to contribute to a RRSP for the 2024 tax year is Saturday, March 1, 2025. If you have the contribution room, you can contribute to your RRSP until December 31 of the year you turn 71. After that, you can contribute up to your RRSP deduction limit to a spousal or common-law partner RRSP if your spouse or common-law partner is 71 or younger on December 31 of the year of the contribution. A RRSP contribution is tax-deductible.
Ontario benefit and tax credit programs for seniors
Dental care for low-income seniors. Learn how to access free, routine dental care for eligible seniors 65 years or older.
Home and Vehicle Modification Program. You could get money to help with the cost of making your home and vehicle more accessible if you or your child has a disability that restricts mobility.
Ontario Seniors Care at Home Tax Credit. If you are 70 years or older, find out if you are eligible for a tax credit to help with eligible medical expenses, including those that support aging at home.
Ontario Seniors' Public Transit Tax Credit. If you're 65 years or older, find out if you could get a tax credit to help with public transit costs.
Ontario Senior Homeowners' Property Tax Grant. If you are 64+ years old and own a home, you could get up to $500 to help with the cost of property taxes.
ODB: Ontario Drug Benefit Program. Find out if the cost of your prescription drugs is covered by the province.
Reduced Co-payment for Lower Income Seniors. Depending on your annual income, you may be able to have the ODB $100 annual deductible waived and have your co-payment reduced to $2 per prescription.
GAINS: Ontario Guaranteed Annual Income System. If you are 65+ years old and receive the federal Old Age Security pension and the Guaranteed Income Supplement payments, you could get up to $87 per month to ensure your income stays above a certain amount.
Trillium Drug Program. If you have high prescription drug costs and a low household income, you may be able to pay $2 or less for every prescription.
We hope this article is useful for seniors living in Ontario. Please speak with a qualified tax expert to determine if these government programs apply to you.
