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Turning 65 can be a treat for taxpayers. As you retire, your expenses rise while your income falls. This is the time to enjoy your life’s savings instead of working for money. The Canada Revenue Agency (CRA) also wants you to enjoy this phase of life, and so it offers three tax breaks when you turn 65.
These three tax breaks include age amount tax credit, home accessibility tax credit (HATC), and pension income tax credit. All three tax credits are non-refundable. They will help you meet your rising expenses by reducing your tax bill.
The age amount income tax credit