Homeowners who are 65 or over may be able to take advantage of some tax credits. The Ontario Senior Homeowners' Property Tax Grant offers up to $500 for Ontario senior homeowners. For singles, with net adjusted family income over $35,000, the grant given will be reduced by 3.33 per cent for income up to $50,000.
The Age Amount is a non-refundable tax credit available to individuals 65 or older. The federal amount for 2025 is $8,790, with an additional provincial amount varying by province.
Pension income splitting allows couples to split eligible pension income, potentially reducing your combined tax burden.
The Home Accessibility Tax Credit provides a non-refundable tax credit for eligible home renovation expenses that allow seniors to live more independently.
Medical expense credits can be significant for seniors with healthcare costs. Keep records of all eligible medical expenses throughout the year.
Consider consulting with a tax professional to ensure you're taking advantage of all credits and benefits available to you as a senior homeowner.