Tax Credit for Career Extension - line 391
Quebec has completely modified the credit on line 391, renaming
it "Tax Credit for Career Extension" and setting the
maximum tax credit amount at $1,500 if you were 60, but less than
65, or at $1,650 if you were 65 or older, as of December 31 of
the tax year.
Credit reduction for career extension based on income:
The maximum value of the tax credit will be reduced by 5% for
each additional dollar of work income exceeding $34,610, this
amount being indexed each year.
However, for those born before January 1, 1951, your credit
is guaranteed up to $600.
Note that you are not eligible
for the Career Extension Tax Credit if the amount if your
qualifying income is $5,000 or less.
To qualify for this credit, you must meet the following three
(3) conditions.
* You were resident in Quebec on December 31 of the tax
year;
* You were 60 years of age or older on December
31 of the tax year.
* You report for the taxation year one of the following
eligible work incomes:
* Employment income,
* Income from an active business,
* A net amount of research grants,
* Amounts received as part of a work incentive program.
For more information, please consult the following link;
https://www.revenuquebec.ca/en/citizens/income-tax-return/completing-your-income-tax-return/completing-your-income-tax-return/line-by-line-help/350-to-3981-non-refundable-tax-credits/line-391/
The credit will be calculated automatically if you qualify
for the program.
However, if you turned 60 during the year, the work
income you earned before you reached that age does not constitute
eligible work income.
Do not include income earned before age 60, the program
will not calculate your work income earned before age
60, you must calculate it manually.
Also, if you turned 65 in the tax year, you must report
income earned before age 65 because the credit is changed after age
65.
For those who turned 65 in the tax year, you must
manually calculate the income earned before age 65.
If you were 60 or 65 during the year, please follow these
steps:
1. On the "Left-side menu on the Interview tab", select
the "Quebec tax credits" heading.
2. On the screen to your right, click on
the plus sign "+" icon
located on the right of the line "Quebec line 391 - Income you
earned before turning 60 or 65».
3. On the page entitled "Quebec line 391 - Income you earned
before your birthday", enter the amount on the line "Amount
of income earned before turning 60 or 65".
The program will calculate the tax credit to which you are
entitled and report it on line 391 of the Quebec return.
You can verify the worksheet on line 391 to see if everything is
correct. To consult this grid 391, go to the "Left-side menu on
the Tax Return tab" and select the line "Worksheet (Quebec)
p2" which is located towards the center of the menu.
ID: 20191218102912DE.xml
Webpage: KPA365-20191218102912DE.htm
