Darius just retired. He is 65 years old and decided to attempt to prepare his 2022 personal income tax return for the first time. He understands that many miss taking the non-refundable tax credits that are due to them. He has read up on them and knows to claim the Age Amount non-refundable tax credit towards his federal taxes. The Age Amount is $7,898 and since the only requirement for this credit is net income and age, it is one of the easier tax deductions for seniors in Canada to claim. Darius' net income is $42,000. What is the non-refundable tax credit for the Age Amount? Hint: In 2022, the age credit is reduced at a rate of 15% when a taxpayer's income exceeds the threshold of $39,826. The
Darius just retired. He is 65 years old and decided to attempt to prepare his 2022 personal income tax return for the first time. He understands that many miss taking the non-refundable tax credits that are due to them. He has read up on them and knows to claim the Age Amount non-refundable tax credit towards his federal taxes. The Age Amount is $7,898 and since the only requirement for this credit is net income and age, it is one of the easier tax deductions for seniors in Canada to claim. Darius' net income is $42,000. What is the non-refundable tax credit for the Age Amount? Hint: In 2022, the age credit is reduced at a rate of 15% when a taxpayer's income exceeds the threshold of $39,826. The non-refundable tax credit is calculated at the rate of 15%. Select one: a. $436 b. $1,504 c. $2,910 d. $1,136
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