You will receive the one-time payment for older seniors if you:
- were born on or before June 30, 1947, and
- were eligible for the Old Age Security pension in June 2021
AGE AMOUNT
If you’re 65 years or older at the end of the tax year, you can claim a non-refundable tax credit towards your federal taxes.
To qualify, your net income must be less than $39,826, and the amount you may claim varies depending on your income.
For your 2022 tax return, the age amount is $7,898. Since the only requirement for this credit is being above a certain age, it’s one of the easier tax deductions for seniors in Canada to claim. Learn more about the age amount here.
Tip: If you qualify for the age amount but you do not need it, you can transfer all or part of it to your spouse or common-law partner.
For more information please see our TurboTax FAQ: Tax Credit For Seniors In Canada: Making the Most of your Tax Return
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