AGE AMOUNT

 

Our Tax Experts will get you the largest refund by finding and The age amount tax credit is a non-refundable tax credit, claimed on line 301 of the personal income tax return. This tax credit is available to individuals who are, at the end of the taxation year, aged 65 or older. 

 

This tax credit is available to individuals who are, at the end of the taxation year, aged 65 or older.  The federal age amount for 2017 is $7,225 ($7,125 for 2016).  This amount is reduced by 15% of income (net income from line 236 of your tax return) exceeding a threshold amount of $36,430 for 2017 (35,927 for 2016) and is eliminated when income exceeds $84,597 for 2016 ($83,427 for 2016).

 

The tax credit is calculated using the lowest tax rate (15%), so the maximum federal tax credit for 2017 is $1,084 ($1,069 for 2016).