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Tax Fairness Plan:
Information for Seniors
CaveatsYour tax situation can be affected by many different factors, such as age, total income level, medical expenses, and disability status. This tax calculator does not account for specific individual circumstances and is intended to provide an estimate of federal income tax savings from the tax relief measures proposed in the Tax Fairness Plan for some typical taxpayers with eligible pension income. These estimates include not only the reduction in federal taxes owing but also changes in the application of the Old Age Security clawback that may occur as a result of pension income splitting and the increase in the age credit amount. It also takes into account that pension income splitting may give rise to a second pension income credit. Provincial income tax implications are not included. A number of simplifying assumptions were made that underlie the savings estimates provided. These assumptions can be found by clicking ‘assumptions’ on the calculator screen. This calculator applies to taxpayers who are 65 years or older. Couples must have at least one source of eligible pension income. For taxpayers aged 65 and over, the major types of qualifying income that can be allocated to a spouse or common law partner are:
Depending on your particular circumstances, you may be able to benefit from the tax relief provided in the Tax Fairness Plan even if you do not show a benefit using this tax calculator or if the tax calculator does not apply to your situation. |
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