To qualify, your net income must be less than $89,422, and the amount you may claim varies depending on your income. If you have declared bankruptcy in the previous year or if you ceased being a resident of Canada for income tax purposes, you are not entitled to this amount.
- If your income is $38,508 or less, the Canada Revenue Agency allows you to claim the age amount is $7,898.
- If your income is more than $38,508 but less than $89,422 you can calculate your age amount using the formula for line 30100 on the federal tax worksheet.
- Subtract $38,508 from your income, and multiply the difference by 15 percent.
- Then, subtract that number from the maximum claim amount to calculate your amount.
For example, if your net income from line 23400 of your income tax return is $70,000, the difference between that number and $38,508 is $31,492. Fifteen percent of that figure ($31,492 x 0.15) is $4,723.80. When you subtract that figure from the maximum claim of $7,898, the result is $3174.20.
Learn more about the age amount here.
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