Seniors Filing Taxes – Help From Canada Revenue Agency

The Vancouver Sun gives some useful Help for income-tax filers discussing software programs for those filing their taxes online and listing volunteer services by phone for the paper filers.

The Canada Revenue Agency has a web page specifically for Canadian seniors. This lists the numerous credits and benefits on the income tax and benefit return to which seniors may be entitled. Various resources are available to help file the income tax return accurately and on time. This is the surest way to get all the tax savings and benefits to which you are entitled.

The article does point out that 2008 is a year in which not too much has changed so the completion of the tax return should not be too difficult. The biggest challenge this year may be dealing with investment losses, given what has happened in the stock market. 

Tax relief is available, as losses can be offset against capital gains earned in other years, including three years in the past and forward indefinitely.  There is no need to refile for prior years to claim losses against past gains. A loss carry-back form (T1-A) can be completed and sent in with this year’s income tax return.

The sooner you complete your income tax return, the sooner you will benefit from any refund due to you.  Electronic returns can be processed in two weeks,  so your income tax refund will be in your bank account sooner.

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