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2018 & 2019 Tax Numbers That Matter to You

 

If you’re a senior, there’s some essential numbers to keep in mind as we prepare for the end of year and coming tax season.

 

READ MORE: Advisor’s Edge Essential tax numbers: updated for 2019

 

  • Age amount: if you’re older than 65, you can claim $7,333 (this will increase by $161 to $7,494 in 2019) as a non-refundable tax credit.

 

  • Pension amount: there’s no change from 2018, but you can still claim $2,000 as a non-refundable tax credit if you have pension income or RRIF/LIF income.

 

  • OAS claw back line: you may have to repay some of your Old Age Security income if your income exceeds $75,910 for 2018. In 2019, this recovery threshold will increase to $77,580.

 

 

If you have any questions about these numbers and how they’ll affect you this year, please reach out to us by phone at 604-892-5131 or use the contact form below.