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New Member
posted Apr 26, 2023 1:23:04 PM

Why did my age related oersonal exemption decrease by $1300 this year?

age over 75 personal exemption decreased from $6670 to $5370

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2 Replies
Level 3
May 1, 2023 11:19:59 AM

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. 

Level 1
May 1, 2023 11:21:03 AM

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.