The age credit for Nova Scotia is calculated incorrectly

The age credit for Nova Scotia is calculated incorrectly.

The calculation used the Total Income.

Per the guide it should be based on Net Income.

You can claim this amount if you were 65 years of age or older on December 31, 2014, and your net income (line 236 of your return) is less than $58,435.


Answer

1 person found this helpful

Hi,

for those of you wondering how to claim this credit, TurboTax does this automatically based on your age and income.  You can review the calculations on NS428 in forms mode.

I believe there are two credits being discussed here.

- Line 5808 - Age amount, according to the CRA http://www.cra-arc.gc.ca/E/pub/tg/5003-pc/5003-pc-14e.html#P30_2342, is calculated based on your Net Income.

- Line 79 - Age tax credit, according to the CRA http://www.cra-arc.gc.ca/E/pub/tg/5003-pc/5003-pc-14e.html#P90-4569, is calculated based on your Taxable Income.

If you're referring to the Age Tax credit and you meet eligibility for this credit, then you can enter $1,000 on line 79 of Form NS428.

Please let me know if this is helpful or if you have any additional questions.

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