Tips for tax time

April 07, 2016

Check out these tips for new retirees to avoid shocks when filing your first tax return as a pensioner.

Spring has sprung, and once again it's time to file your taxes.

We like to check in with the Canada Revenue Agency to read the tips they offer. They even have a comprehensive list of credits and benefits for seniors.

Here are some of the highlights:

Still working, with a family?

If you have kids in a daycare, be sure to check out these deductions for child care expenses.

If you enrolled your kid(s) in an artistic, cultural, recreational, or developmental activity (such as tutoring) in 2015, you may be able to claim up to $500 through the Children's arts tax credit.

You can also claim up to $1,000 through the Children's fitness tax credit if your children played hockey, took horse-back riding lessons, or participated in some other eligible program of physical activity in 2015.

Retired?

If your income is less than $82,353 and you were 65 years of age or older on Dec. 31, 2015, then you can claim the age amount.

You can claim up to $2,000 with the pension income amount.

If you had medical expenses in 2015 for either yourself or a loved one, check out what you might be able to claim.