Age Amount


February 23rd, 2010

Face it, everyone.  There’s no use denying that there ARE advantages to being older.  For example, in a hostage situation, you’re the first one to be released.   And at tax time, you get to claim a larger personal exemption than most of the rest of us.

For 2009 taxes, you are now able to claim an age amount of $6,408, up $1,000 from last year.  You can claim the full Age Amount if you are 65 or over at any time in the year, and if your net income is not greater than $32,312.  If your income is more than that, the Age Amount is gradually phased out.

Learn more about the Age Amount at http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqgmnt-eng.html

Filed under: Personal Tax by David Boese No Comments »

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