The tax submitting season in Canada is going to start soon and the CRA (Canada Revenue Agency) is encouraging residents to record their tax returns. The tax return submitting manner in Canada will begin on February 24, 2025 and the CRA offers numerous tax credit, advantages, and deductions for Canadians. An critical tax credit will be launched by the CRA for the 2024 tax year, which is the $8,790 Age Amount Canada Tax Credit February 2025. This tax credit may be supplied only to Canadian seniors. Seniors who’re 65 years of age or older will be eligible for this $8,790 age quantity. This $8,790 tax credit score is the maximum quantity for seniors best.
$8,790 Age Amount Canada Tax Credit February 2025
Sometimes seniors in Canada aren’t capable of get advantages, and that is why the CRA offers them tax credit and deductions. This $8,790 Age Amount Canada Tax Credit February 2025 is a sort of tax credit score a good way to be available for the tax 12 months 2024. Every 12 months CRA affords this age quantity for senior residents, and for this 12 months CRA has set this amount as $8,790. This credit score is available to the ones Canadian residents who are sixty five years of age or above on December 31, 2024. This tax credit score will assist in reducing the tax of senior residents and due to this their financial burden also can be lightened.
Canada Age Amount Tax Credit 2025- Overview
| Post Title | $8,790 Age Amount Canada Tax Credit February 2025 |
| Year | 2025 |
| Country Name | Canada |
| Issuing Agency | CRA |
| Month | February |
| CRA Age Amount Tax Credit Eligibility 2025 | Those Canadians who have 65 years age or older |
| Purpose | Financial Assistance |
| How To Claim Age Amount Of $8790? | File Tax Return and Complete Line 30100 |
| Post Category | Finance |
| Official Web Page | www.canada.ca |
CRA Age Amount Tax Credit Eligibility 2025
Only senior citizens of Canada can avail this tax credit. Following are the eligibility conditions for this:
- Age: Only those senior citizens who are 65 years of age or above on December 31, 2024 will be eligible for this credit.
- Net Income: The senior citizen’s net income must be less than $1,02,925. This income will be reported on Line 23600, and this net income must be less than $1,02,925.
- If the senior citizen’s income is less than $44,325, they can claim the full $8,790. But if their income is more than $44,325 and below $1,02,925, this credit will be calculated as follows:
| Maximum Amount | – | $8790 |
| Amount from Line 23600 | A | – |
| Income Threshold | $44325 | – |
| Minus Amount from Line 23600 and Income Threshold | B | – |
| Applicable Rate | 15% | – |
| Multiply B with 15% | C | – |
| Minus Maximum Amount of $8790 from C | – | D (Tax Credit Amount) |
- If the resident’s income is more than $1,02,925, they will mark 0 on Line 30100.
How to Claim $8,790 Age Amount?
If you want to claim the $8,790 Age Amount, you must complete Line 30100 on your tax return. This means you must file your tax return and fill out Line 30100 correctly to be able to avail of this tax credit.
Fact Check: $8,790 Age Amount 2025
This $8,790 Age Amount is completely reliable. It is a tax credit score that citizens can declare on their tax returns. This credit score can only be availed by seniors who’re 65 years of age or older. This tax credit score can reduce the taxable earnings of seniors. This $8,790 Age Amount is a credit score for the 2024 tax 12 months. For extra records and updates, citizens can visit the CRA’s official internet site or Service Canada’s website. Seniors can also contact tax agents or financial advisors to get personal information. You can claim this credit on Line 30100 of your return. This is the maximum age credit of $8,790 and no tax credit will be available above this.
FAQs
What is the $8,790 Age Amount Canada Tax Credit?
The $8,790 Age Amount is a non-refundable tax credit for seniors aged 65 and older in Canada, designed to reduce their income tax burden based on eligibility and income.
Who is eligible for the $8,790 Age Amount in February 2025?
Seniors 65 or older with a net income below a certain threshold are eligible for the $8,790 tax credit. The amount phases out for higher-income individuals.
When will the $8,790 Age Amount be paid?
The $8,790 Age Amount is claimed when filing taxes, so it won’t be directly paid. It reduces the amount of taxes owed after filing for the 2024 tax year.