seniors
Loopholes Tagged "seniors"
Plain-English guides to Canadian legal rights and workarounds related to seniors.
Home Accessibility Tax Credit (HATC) — Up to $3,000 Back on Renovation Costs
Canadians 65+ or those eligible for the Disability Tax Credit can claim a 15% federal tax credit on up to $20,000 of qualifying accessibility renovations per year.
Senior Property Tax Deferral — Defer Your Property Taxes Until You Sell Your Home
Several provinces allow seniors to defer payment of annual property taxes — with interest accruing at low rates — until the home is sold or transferred, preserving cash flow in retirement.
GIS Work Income Exemption — Earn Up to the Limit Without Losing the Full Supplement
Guaranteed Income Supplement recipients can keep the full GIS on the first $5,000 of employment or self-employment income, and only lose 50 cents on the dollar for the next $10,000.
Multigenerational Home Renovation Tax Credit — Get Up to $7,500 for a Secondary Unit
The Multigenerational Home Renovation Tax Credit is a refundable federal credit worth 15% of up to $50,000 of qualifying renovation expenses to create a self-contained secondary unit for a senior or an adult eligible for the disability tax credit.
OAS Clawback Planning — Keep Your Old Age Security by Managing Taxable Income
Old Age Security benefits are clawed back at 15 cents per dollar of net income above a threshold (~$90,997 in 2024) — proactive income management can preserve thousands in annual OAS payments.
Alter Ego Trust — Transfer Assets to a Trust During Your Lifetime to Avoid Probate
Canadians age 65 or older can transfer assets to an Alter Ego Trust at cost (no capital gains) and distribute assets directly to beneficiaries on death — bypassing the estate and avoiding probate fees entirely.