What Is The Age Amount Tax Credit?

Start your retirement plan! https://adviice.ca/?utm_source=youtube&utm_medium=video&utm_campaign=age-amount-tax-credit Don't have a detailed retirement plan yet? Build your retirement plan using our AI Strategies for just $9/month. This includes a comprehensive 30-day email/video course with detailed instructions. --- Have you heard about the age Amount Tax Credit? If not then you’re in for a pleasant surprise. This tax credit is going to save you a lot of tax in retirement. The Age Amount is a non-refundable tax credit that is available to retirees above a certain age. It is a “non-refundable” tax credit because it cannot make your income tax go below zero but it can help reduce the tax you owe. The Federal Age Amount tax credit is $9,208 in 2026 and the provincial Age Amount tax credit in Ontario is $6,342. These tax credits help reduce both Federal and Provincial tax each year for those who meet the eligibility criteria. What we’re going to cover in this video is… - What is the Age Amount Tax Credit (and why it matters so much) - How much could you receive - What are the eligibility criteria - What is the Age Amount Clawback (and how it increases your marginal tax rate) - Strategies to avoid the clawback - Example in a retirement plan --- Disclaimer: This video is for educational purposes only and does not constitute investment advice or financial advice. All information provided is for illustrative purposes only and you should not rely on such information as the primary basis of your investment, financial, or tax planning decisions. Every effort has been made to ensure the accuracy of its contents. No representations, warranties or guarantees are made as to the accuracy of any estimates or calculations provided. Nothing in this material should be construed as investment or tax advice, or a solicitation or offer, or recommendation, to buy or sell any financial product or securities. Before making any financial decision, you should review your situation with a financial planner.