3 Tax Credits That Are Helpful For Seniors
Seniors can have a hard time financially due to the fact that they are no longer bringing in the income that they used to. It can be very helpful for them to search for ways to save money and pay less taxes so that they have more resources as their health declines. Look at these three tax credits that might be helpful for seniors and see if they are right for you.
1. Public Transit Pass Tax Credit
Many seniors will give up their driver's licenses when they feel that is no longer safe for them to drive due to impaired reflexes and reduced vision. As a result, these seniors will depend on public transport in order to go grocery shopping, get to their doctor's appointments, or go see friends. One of the cheaper ways to use public transport is to purchase a pass. If you buy public transportation passes for at least four weeks in a row, then those passes will be eligible to be counted as a tax credit.
In order to claim this tax credit, you need to prove that you yourself actually purchased the passes, which means that you need to have the pass itself or a receipt for the purchase.
2. Medical Expense Tax Credit for Attendant Care
Having someone come to live with you and take care of you so that you can stay in your home is expensive. One of the ways that the Canadian government attempts to reduce the financial burden is to allow the cost of having an attendant be counted as a tax credit. You can put down the attendant care cost as a medical expense on line 330 and have to pay less taxes as a result. This counts even if the attendant does not live with you and only comes in a few days a week.
3. Disability Tax Credit
If you have medical issues that result in your activities of daily living, such as cleaning yourself, feeding yourself, or dressing yourself, being impaired, then you are eligible for a disability tax credit. This is exceedingly helpful because it will free up more money for you to spend on going to the doctor and taking care of yourself.
For more information, talk to a company that provides professional tax services like Daisy Chu & Co. Inc. They will be able to help you find more potential tax credits that you can use.