How much age amount you can claim on line 301 for 2014

In 2014, the full age amount you can claim on line 301 on Schedule 1 is $6,916 giving you a tax credit of $1,037.40. However, the age amount you are able to claim is reduced by 15% of your net income (at line 236 of your tax return) in excess of $34,873. The age amount will work out to zero at an income of $80,980. That means you are not entitled to any age amount if your net income reached $80,980 level. These amounts are indexed annually, so they change year by year. 

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An Example

John turned 65 in 2014. His net income for the year (at line 236 of his return) is $50,000. His age amount is reduced by $2,269.05 calculated by (50,000-34,873) x 15%. This means he can claim $4,646.95 ($6,916 - $2,269.05) on line 301 on schedule 1 of his tax return as his age amount. This gives him a federal tax saving of $697.04 ($4,646.95 x 15%).

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Current | 2014 | 2013 | 2012 | 

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