This text is the answer to a reader’s question sent to the Courrier de l’Économie team. Click here to subscribe.
Help for seniors: will those aged 75 and over still receive the $2,000 for the 2023 tax?
We are talking here about the tax credit for support of seniors. In fact, this refundable tax credit is granted to eligible low-income seniors aged at least 70 at the end of the year, whose income does not exceed, in 2023, $64,515 for a single person and $119,404 for an individual with an eligible spouse. For 2024, these amounts will be $64,730 and $119,345 respectively. Quebec estimates the cost of the measure at $1.76 billion in 2023, to $1.81 billion in 2024.
Since 2022, the maximum reaches $2,000 for an eligible individual and $4,000 when they have an eligible spouse. This is a maximum. It is subject to a reduction threshold starting from a family income exceeding $25,755 in 2023 for an eligible individual without an eligible spouse, and $41,885 for an eligible individual with an eligible spouse. In 2024 this threshold will start at $27,065 and $44,015 respectively. Until 2022, this reduction was carried out at a rate of 5%. In 2023, a mechanism for revaluing this rate was introduced into the tax legislation. It stands at 5.16% for 2023 and 5.31% for 2024.
Revenu Québec also specifies that it will calculate for eligible individuals the amount of tax credit to which they may be entitled even if they do not request it when filing their income tax return. And that to benefit from it “you and, if applicable, your spouse as of December 31, 2023 must file your tax returns”.
***
For those wanting more details, in addition to age, a senior is an eligible individual if he resides in Quebec at the end of the year or, if he died during the year, on the date of his death. Also if he or his spouse holds a recognized status such as Canadian citizen, permanent resident, temporary resident or holder of a temporary residence permit having lived in Canada for the last 18 months within the meaning of the Immigration Act. immigration and refugee protection.
The individual is not eligible if he or she was in prison on December 31, 2023 and if he or his spouse on December 31, 2023 were exempt from tax for the year 2023.
(This information is taken from the documentation of the Ministry of Finance and Revenu Québec)