Tax Tip: The age amount has increased

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The following is now available on the CRA Web site:

Tax Tip: The age amount has increased ..

Did you know…

That as of January 1, 2006, the age amount maximum increased from $4,066 to $5,066? If you were 65 or older on December 31, 2006, and your net income was less than $64,043, you can claim the age amount. You may also be able to transfer unused portions of the age amount to your spouse or common-law partner.

For more information, visit our Web site at www.cra.gc.ca.

SOURCE: CRA Newsroom

Comments

Neil says:

This is the dumbest credit there is. Hey, you’re old, here’s a tax break.

I thought the funniest part was .. that Canada Revenue Agency is releasing stuff like this “tax tip” as a NEWS RELEASE.

STOP THE PRESSES!!

The Last Tax Tip/News Release was about the RRSP Deadline, and suggests that you login to your account with CRA. The only thing is, it’s not Firefox 2.0 or Internet Explorer 7.0 compatible.

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