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Personal

Seniors

An individual whose 2016 net income exceeds $73,756 will have their Old Age Security payment clawed back.

Individuals will begin to lose their income tax age credit if their net income exceeds $35,927. If their net income exceeds $83,427 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.

Since 2009, 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. This will require a joint election which must be made each year. Both persons must agree to the allocation.