February 23rd, 2010
Face it, everyone. Â There’s no use denying that there ARE advantages to being older. Â For example, in a hostage situation, you’re the first one to be released. Â 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. Â 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. Â If your income is more than that, the Age Amount is gradually phased out.
Learn more about the Age Amount atÂ http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqgmnt-eng.htmlFiled under: Personal Tax by David Boese No Comments »