If you're over 65 and wondering about the age amount (line 30100), here's what you need to know:
Eligibility and Calculation:
- The age amount starts to reduce when your net income reaches $44,325 (2024)
- If your income exceeds $102,925 (2024), you won't receive the age amount
If the age amount doesn't appear at all:
- Navigate to the About You section in your tax profile
- Verify that your birthdate is entered correctly
Important notes:
- The age amount is income-tested, meaning it decreases as your income increases
- The thresholds ($44,325 and $102,925 for 2024) may change annually
- Ensure your birthdate is accurate to receive all age-related credits you're entitled to
Remember:
- The age amount is just one of several credits available to seniors
- Your overall tax situation may affect the benefits you receive
- You can review the calculations on the T1 Worksheet in the Documents section
If you believe you're eligible for the age amount but it's not appearing in your return, double-check your income and date of birth entries. If you need assistance calculating your age amount or have questions about your eligibility, consider consulting with a tax expert. For help navigating Wealthsimple Tax, please contact Wealthsimple support.
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