CRA Tax Tip: If you're 65 or older...

The Canada Revenue Agency (CRA) has released the following Tax Tip:
"Did you know… That as of January 1, 2006, the age amount maximum increased from $4,066 to $5,066? If you were 65 or older on December 31, 2006, and your net income was less than $64,043, you can claim the age amount. You may also be able to transfer unused portions of the age amount to your spouse or common-law partner."

For more information regarding Canadian tax filing tips for seniors 65 and old, see the CRA web site at:
http://www.cra-arc.gc.ca/newsroom/taxtips/2007/tt070122-e.html