Canada Revenue Agency

Canada Revenue Agency

September 30, 2011 12:00 ET

Minister Shea Highlights Tax Savings on National Seniors Day

OTTAWA, ONTARIO--(Marketwire - Sept. 30, 2011) - The Honourable Gail Shea, Minister of National Revenue, joins the Government of Canada in celebrating Canada's first annual National Seniors Day.

"Today is about recognizing seniors' contributions" said Minister Shea. "It's also a great opportunity to highlight some of this government's tax-saving measures that have been successfully lowering seniors' tax bills for years, and continue to be available for 2011."

Some tax measures that may be helpful to seniors include:

  • Pension income splitting: You may elect to split up to 50% of your eligible pension income with your spouse or common-law partner. Doing so may reduce the total amount of tax that you and your spouse or common-law partner have to pay.

  • Age amount: If you are at least 65 years old on December 31, 2011, and your net income in 2011 is less than $76,541, you may be able to claim all or part of the age amount on your 2011 income tax and benefit return.

  • Pension income amount: If you report eligible pension, superannuation, or annuity payments on your 2011 return, you may be able to claim up to $2,000 on your 2011 income tax and benefit return. This non-refundable tax credit will provide up to $300 in tax savings.

For information on these and other tax-saving measures, go to www.cra.gc.ca/seniors.

Other tax-saving measures proposed in the 2011 federal budget may help seniors and their families. Those measures include changes to the medical expense tax credit for certain dependents, which came into effect in January 2011. For details, go to www.cra.gc.ca/budget2011.

FOR BROADCAST USE:

On Canada's first Seniors Day, National Revenue Minister Gail Shea highlighted some of the tax-saving measures available to Canada's seniors.

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Contact Information

  • Nancy Bishay
    Director of Communications
    Office of the Minister of National Revenue
    613-995-2960

    Noel Carisse
    Canada Revenue Agency
    Media Relations
    613-952-9184