Did You Turn 65? The CRA Makes Big Changes to Your 2020 Income Tax Returns
It is tax season, and the Canada Revenue Agency (CRA) is making many changes to your 2020 income tax returns. And if you turned 65 last year, then you will see more changes to your returns. You might want to look into the changes to avoid any unpleasant surprises to your tax bill.
According to the government, 65 is the age of retirement. Hence, the CRA and Service Canada give you many cash benefits, like a pension, that can supplement your working income. But you can continue working post 65 and delay the pension till 70. That is about cash benefits. But the CRA also makes changes to your tax benefits that you can’t delay. Let’s go through all the changes in a systematic order starting with taxable income.
Original Article Source Credits: The Motley Fool , https://www.fool.ca/
Article Written By: Puja Tayal
Original Article Posted on: March 24, 2021