Seniors: finances

Find out what tax credits, benefits, government pensions and financial assistance are available to you.

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Taxes credits

If you are a low-to-moderate income senior, you may be eligible to receive the following:

Ontario Trillium Benefit — a tax-free payment to help you pay for energy costs, sales tax and property tax.
Ontario Senior Homeowners’ Property Tax Grant — up to $500 back on your property taxes.
Ontario Seniors Care at Home Tax Credit — a tax credit to help with medical expenses, including expenses that support aging at home such as hearing aids, hospital beds, and attendant care.
Seniors Public Transit Tax Credit — a tax credit to help with public transit costs.
Low-Income Energy Assistance Program — up to $500 in emergency assistance for your electricity bills ($600 if your home is heated electrically) and $500 for your natural gas bills.
Ontario Electricity Support Program — a reduction on your electricity bill.

If you are a senior or living with one, the Seniors’ Home Safety Tax Credit is a refundable personal income tax credit can help you make your home safer and more accessible, helping you stay in your home longer (available for the 2021 and 2022 tax years).

CRA: Canada Revenue Agency

The CRA administers:

tax laws for the Government of Canada and for most provinces and territories
social and economic programs delivered through the tax system

Taxpayer Bill of Rights

Understand the treatment you are entitled to when you deal with the CRA. You have a right to be treated professionally, courteously and fairly as a taxpayer.

Pensions and other benefits

Old Age Security

Apply to receive a pension that provides monthly payments to eligible Canadians who are 65 years or older.

Guaranteed Income Supplement

Learn about this income supplement for low-income seniors living in Canada who receive Old Age Security pension. Enrolment is automatic, but in certain cases you may need to apply.

Benefit for your spouse or common-law partner

Learn about how spouses or common-law partners may qualify to receive the Guaranteed Income Supplement Allowance or Allowance for the Survivor.

Canada Pension Plan (CPP) retirement pension

Apply for a monthly, taxable benefit that replaces part of your income when you retire. If you are a CPP contributor and qualify, you’ll receive this pension for the rest of your life.

CPP disability benefits

Apply for monthly benefits if you are a CPP contributor under the age of 65 and cannot work because of a disability.

CPP survivor’s pension

Apply for a monthly payment paid to the legal spouse or common-law partner of the deceased CPP contributor.

CPP death benefit

Apply for a one-time payment, payable to the estate or other eligible individuals, on behalf of a deceased CPP contributor.

CPP children’s benefit

Learn about a monthly benefit for dependent children under 25 years of a deceased CPP contributor.

CPP pension sharing

Learn how to share your pension with your legal spouse or common-law partner.

International social security agreements and the CPP

Get help with your business if you are an employer who sends employees abroad or if you are a self-employed worker who provides services abroad and you are a CPP contributor.

Employment Insurance benefits and leave

Find benefits and leave information if you are a worker, sick or providing care for a loved one. Learn how to apply and submit reports.

Guaranteed Annual Income System (GAINS)

Get monthly non-taxable payments if you are an eligible low-income senior.

Service Canada

Find a wide range of government services and benefits that are available to you.

File your taxes

About your taxes

Learn how the Canadian tax system works.

File your tax return

Learn about filing your personal income tax and benefit return. You can prepare and file your tax return with the CRA:

Individual tax filing assistance will help you do your taxes over the phone if you are eligible.
GST/HST NETFILE allows you to file GST/HST returns and eligible rebates
Community Volunteer Income Tax Program hosts free tax clinics where volunteers file tax returns if you have a modest income and a simple tax situation.

Financial planning

FP Canada

Search for a professional financial planner in your area or verify the certification status of a planner.

Registered Retirement Savings Plan (RRSP)

Learn how a savings plan you contribute to over the course of your working life can help you save for retirement. RRSPs also have special tax advantages and benefits that can help you before you retire.

Registered Retirement Income Fund (RRIF)

Learn how an arrangement between you and a carrier (an insurance company, a trust company or a bank) may allow you to draw an income from your other investments and savings.

Tax-Free Savings Account (TFSA)

Learn about this type of bank account that allows you to set money aside tax-free throughout your lifetime.

Lifelong Learning Plan

Learn about this plan that allows you to take up to $10,000 in a calendar year from your RRSPs to pay for training or education for you or your spouse/common-law partner.

GetSmarterAboutMoney.ca

Get unbiased and independent financial tools to help you make better financial decisions.

Financial assistance

Social assistance

Learn how to get financial and employment assistance if you don’t have enough money for things like food and housing, or if you have a disability and are in financial need.

March of Dimes Canada: Home and Vehicle Modification Program

Get funding for basic home and/or vehicle modifications if you have mobility restrictions.

Medical Expense Tax Credit

Get a tax credit if you have sustained significant medical expenses for yourself or your dependents.

Published: January 23, 2017