As tax season approaches, it's essential for seniors to be aware of the various tax credits, deductions, and benefits available specifically to them. By understanding and utilizing these provisions, seniors can potentially reduce their tax liabilities and maximize their refunds.

I’ve written many times in the past about general tax tips and many of those tips will apply to seniors as well but here are some key tips tailored specifically (or more often) for seniors that they should be aware of:

1. Pension income splitting - If you receive eligible pension income, you may be able to split up to 50 per cent of this income with your spouse or common-law partner. This strategy can result in significant tax savings, especially if one partner is in a lower tax bracket. Eligible pension income typically includes life annuity payments from a pension plan and payments from a Registered Retirement Income Fund (RRIF). However, Old Age Security (OAS) and Canada Pension Plan (CPP) benefits are excluded from pension income splitting (but may qualify for pension sharing).

2. Age Amount Tax Credit - Seniors aged 65 and older may be eligible for the age amount tax credit, which can reduce the amount of tax owed. For each year, the maximum age amount is available to........

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