As I mentioned in the Old Age Security (OAS) clawback article, a reader requested an explanation of the various seniors benefits in Canada. While I’ve explained some income sources (oas and gis), lets get into a couple popular tax credits.
Age Amount Tax Credit
This tax credit, as the name suggest, is for seniors age 65 and older within an income threshold. Like Old Age Security and Guaranteed Income Supplement, the Age Amount Tax Credit is reduced as income increases past the pre-determined limit. Read More…
My problem is the amount of income i had earned prior to becoming an eligible senior. Suffice it to say, i have opted to look to other possibilities.
I’ve been studying up about this credit for several weeks now, now that i am on the verge of hitting my 65th birthday.
Several of my friends unfortunately are not as computer saavy and so those who would find this article of interest are not able to.