Seniors have very specific issues with their income tax. At retirement, retiring allowances, packages, lumped sum, and severance pay must be accounted for in both tax returns. As well, payments from OAS, QPP, and any other pensions and other superannuation plans have to be included. There will be separate slips for every one of these, as well as for any employment income. Self-employment income will still have to be calculated by the individual and entered on a Statement of Income and Expenses form. Your life may be simplified after retirement, but your income tax may become more complex. ATS will sort out all the complications and present you with a finished package, giving you more time to enjoy your leisure. Don’t forget to bring all the necessary information with you!
Senior Income Tax