TurboTax: Line 58080

 


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Relevant Material: In Ontario, "58080" is not a standalone form but rather Line 58080 on Form ON428 (Ontario Tax), which is used to claim the Age Amount tax credit. 

Key Details for Line 58080
  • Purpose: It is a provincial non-refundable tax credit for residents of Ontario who are 65 years of age or older by December 31 of the tax year.
  • Eligibility:
    • You must be 65 or older.
    • Your net income (Line 23600) must be below a specific threshold (e.g., approximately $74,960 for the 2024 tax year).
  • Calculation:
    • If your net income is below the lower threshold (e.g., $39,546), you can claim the full amount.
    • If your income is above this, the credit is reduced by a percentage of the excess until it reaches zero at the upper threshold.
  • Where to Find It: This line is part of Form ON428, which you complete as part of your annual T1 Income Tax and Benefit Return. 
How to Claim
  1. Download the Ontario Tax package from the Canada Revenue Agency (CRA).
  2. Use the Worksheet ON428 to calculate the exact amount for Line 58080 based on your income.
  3. Enter the result on Line 58080 of your Form ON428..." (Google) 
  4. *** 

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