Under the Tax Fairness Plan, the amount of income eligible for the non-refundable age tax credit increased by $1,000.  The age credit is targeted to low and middle income Canadians aged 65 or older on December 31, 2007.  Increasing the age credit amount also means that more middle income seniors will be eligible for a portion of the credit.  The 2007 non-refundable age amount is $5,177. for an individual with a net income up to $30,936.  The amount is reduced by 15 cents for every additional dollar of net income above this limit and is fully phased out when net income reaches $65,449.  In the 2008 tax year, these amounts will increase to ensure that minor income increases do not make Canada’s seniors ineligible when filing their tax returns.  Refer to Line 301 on the federal tax worksheet to see if you are eligible.  Need help? Call 1-800-959-8281 or speak with your tax consultant.

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