mySeniors - Finance
Income Support
There are a number of income support programs available for seniors, dependent upon your life experience. For example, to be eligible for Old Age Security, you must have lived in Canada for 10 years after age 18, among other qualifiers. To find out more about this and other programs and allowances, including financial assistance for persons with disabilities and international social security agreements, you can check what is available, access the necessary forms online or contact the office in your area.
If you are a veteran or a spouse of a veteran, in recognition of war service, qualified persons are provided with a regular monthly income to meet basic needs. Eligibility is determined by the wartime service of a veteran or qualified civilian, age or health, income, and residency. Contact your district office if you wish to discuss the support available to Canadian veterans.
Retirement Planning
The public income supports that are available provide a modest base for you to build upon with other income that you may have such as investment income, retiring allowances, savings bonds and registered retirement income funds. Each region has a number of financial institutions and advisors (See list below) to consult and when considering a financial planner, you may wish to consider these questions. Also, check out the life event bundle on Getting Ready to Retire.
Taxes
Taxes are the primary source of public revenue. This includes personal and corporate income taxes, goods and services tax, sales tax, and taxes on alcohol, tobacco, gasoline and property.
Personal Income Taxes
In 1934, there were fewer than 200,000 taxpayers in this country; in 1999, there were over 14 million as noted in chapter three of Finances of the Nation 2003 A review of expenditures and revenues of the federal, provincial, and local governments of Canada by Karin Treff and David B. Perry. Personal income tax is filed each year and may be sent via mail, electronically through NETFILE or over the telephone through TELEFILE. In addition you can keep track of your personal income tax and GST credit and related payments through an online service called "My Account". And of particular interest to seniors is a quick reference listing on a variety of topics relating to personal taxes. Tax credit programs exist for persons with disabilities. Here is an outline on the tax credit system in your province or territory. Should you require assistance in filling out the forms, or have any questions such as how will you pay for tax after you retire, here is how to reach the tax service centre nearest you.
Property Taxes
Property taxes are the main source of revenue in a community and are assessed by a Municipal Property Assessment Corporation. Persons aged 65 or older and people with disabilities living in the community may be eligible for a tax incentive program if they purchase a newly built home with custom features or renovate an existing home to provide accommodation or improved facilities.
If you have questions about your local taxes, contact the treasurer's office.