Getting older in Canada comes with some great money perks. As a senior, you’ve worked hard all your life, and now it’s time to enjoy the benefits that come with your age. The Canadian government and many businesses offer special deals and programs just for seniors to help make life a bit easier and more affordable.
In this blog, I’ll share 15 financial perks and pensions available to Canadian seniors.
Old Age Security (OAS)
Old Age Security is a monthly payment from the Canadian government once you turn 65. You don’t need to have worked in Canada to receive it – you just need to have lived here long enough. The amount you get depends on how long you’ve lived in Canada after turning 18. OAS is a great way to boost your retirement income and help cover basic living expenses.
Guaranteed Income Supplement (GIS)
The Guaranteed Income Supplement is extra money for seniors who don’t have much income besides their OAS. It’s a monthly payment that can really help if you’re struggling to make ends meet. To get GIS, you need to be receiving OAS and meet the income requirements. The amount you get depends on your marital status and income.
Canada Pension Plan (CPP)
The Canada Pension Plan is a retirement benefit you can start getting as early as age 60. How much you get depends on how much you paid into CPP while working. You can choose to start your CPP payments early, but you’ll get less each month. You’ll get more each month if you wait until after 65 to start. CPP is a key part of many Canadians’ retirement income.
Tax Credits for Seniors
As a senior in Canada, you can claim several tax credits to lower your tax bill. The Age Amount tax credit is available once you turn 65. If you have a low income, you might qualify for the Pension Income Amount. There’s also a credit for seniors who receive certain types of pension income. These credits can help reduce the amount of tax you owe each year.
Senior’s Discount Cards
Many provinces offer discount cards for seniors. These cards can get you deals on things like movie tickets, museum entry, and public transport. Some cards are free, while others have a small fee. The discounts you can get with these cards can add up to big savings over time.
Prescription Drug Coverage
Most provinces have specific drug plans for seniors. These plans can help cover the cost of prescription medications. Some plans start at age 65, while others are available earlier. The coverage and costs vary by province, but these plans can save you a lot of money on necessary medications.
Property Tax Deferrals
Some provinces and cities let seniors delay paying their property taxes. This can be a big help if you own your home but are on a fixed income. The taxes still need to be paid eventually, usually when you sell your home. This program can help you stay in your home longer without worrying about yearly property tax bills.
Free or Discounted Education
Many colleges and universities offer free or discounted courses for seniors. This is a great way to learn new things or explore interests you didn’t have time for before. Some schools let seniors audit classes for free, while others offer reduced tuition.
Banking Perks for Seniors
Most banks in Canada offer special accounts for seniors. These accounts often have lower fees or no fees at all. Some banks also offer higher interest rates on savings accounts for seniors. These perks can help you save money on banking costs and make the most of your savings.
Travel Discounts
Many airlines, hotels, and tour companies offer senior discounts. These can make traveling more affordable in your retirement years. Some discounts start as early as age 55, while others begin at 60 or 65. Always ask about senior rates when booking travel – you might be surprised at how much you can save.
Public Transit Discounts
Most cities in Canada offer reduced fares on public transit for seniors. This can include buses, subways, and light rail systems. Some places offer steep discounts, while others provide free rides for seniors. These discounts can make it much cheaper to get around your city without a car.
Senior’s Day Discounts
Many stores have special discount days for seniors. These often happen once a week or once a month. Stores like Shoppers Drug Mart, Rexall, and some grocery chains offer these discounts. They can be a great way to save money on everyday items if you plan your shopping around these days.
Home Renovation Tax Credit
If you need to make changes to your home to make it safer or more accessible, you might be able to claim a tax credit. This credit can help cover the cost of things like grab bars, wheelchair ramps, or walk-in bathtubs. It’s a good way to make your home more comfortable as you age without spending too much.
Cultural and Recreation Discounts
Many museums, art galleries, and recreation centers offer senior discounts. These can make it more affordable to enjoy cultural activities and stay active. Some places offer free entry on certain days for seniors. These discounts are a great way to keep enjoying life and trying new things without spending too much.
Heating and Energy Rebates
Some provinces offer special rebates or assistance programs to help seniors with heating and energy costs. These programs can help lower your utility bills, especially during cold Canadian winters. The exact benefits vary by province, but they can be a big help in managing household expenses on a fixed income.
How To Significantly Increase Your CPP Pension
How To Significantly Increase Your CPP Pension