Roni is 65 years old and will be claiming 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. Roni's net income is $42,000. 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. $2,910 b. $1,136 c. $436 d. $1,504

Roni is 65 years old and will be claiming 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. Roni's net income is $42,000. 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. $2,910 b. $1,136 c. $436 d. $1,504

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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