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Seniors
An individual whose 2011 net income exceeds $67,668 will have their Old Age Security payment clawed back.
Individuals will begin to lose their income tax age credit if their net income exceeds $32,506. If their net income exceeds $75,480, they cannot claim the age credit. However, they may be able to transfer all or part of their age amount to their spouse or common-law partner or to claim all or part of his or her age amount.
Persons eligible for the $2,000 pension income credit will be able to transfer up to 50% of pension income to a resident spouse/common-law partner in 2009 and subsequent years. This will require a joint election which must be made each year. Both persons must agree to the allocation.