As we are unable to see your income and the age deductions for yourself and your wife. We would like to let you know that, if you’re 65 years or older, you may be entitled to the age amount deduction but there is a certain threshold that will vary with regard to the income earned. For Instance:
The age amount is targeted toward low- to middle-income seniors.
- If your net income is $87,750 or greater as of the tax year 2019, you wouldn’t be entitled to the age amount deduction.
- If your net income is $37,790 or less, you’d be entitled to the full age amount deduction of $7,494.
- If you earn above $37,790 but less than $87,750, you would be entitled to $7,494 less than 15 percent of the amount of your income that exceeds $37,790.
- Even if your net income isn’t high enough to benefit from the federal age amount, you may still qualify for the provincial amount. The basic personal amount for each province varies.
Please let us know if you require any further assistance, we would be glad to guide you through.
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