Make your claim! Tips for tax time
March 12, 2015
Navigating your income tax return can be overwhelming. To give you a hand, we asked the Canada Revenue Agency for three tips to help our retired members optimize their returns.
- You may be able to claim up to $2,000 of pension income. Take a look at your T4A. The amount in box 016 is your eligible amount on line 314 of your tax return. Visit this page to learn more about the pension income amount.
- Are you 65 years or older? Seniors' discounts aren't the only things that you can benefit from now. The CRA has a deduction you can claim on your return. If your net income is less than $80,980 visit this page to calculate your claim.
- Did you just retire in 2014? The CRA offers resources to help you understand your retirement income and the deductions you may be able to claim.
Did you find our tips from the CRA helpful? Here are six more deductions and claims we found to help ease your tax burden.