Hello, we appreciate your question. The federal age amount is calculated with consideration of your net income (CRA23600). The maximum federal age amount is $7,898 for the 2022 calendar year. The respective credit is clawed back if your income exceeds this year's threshold of $39,826. Please review the age amount reconciliation, it is reported on the other credits worksheet or T1WS, depending on the platform you are filing on.
Hello,
You must have had more income this year than last year. For tax year 2022, if your total income exceeds $39,826 your age amount will be reduced as your income increases until it is $0. You will have to make $92,480 before your age amount will be reduced to $0.
Please see attached image of the calculations for the Age Amount.
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