The 2018 age amounts are $7,333 federally and $5,055 provincially (Ontario). Your claim for these credits may be lower than the maximum due to income. Both the federal and provincial age amount credits have income caps. To receive the full amount, your net income must be less than $36,976. If your net income is above that level, the credit is reduced until it no longer applies (cap of $85,863).
Here's a link for more details: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-re...
The 2018 age amounts are $7,333 federally and $5,055 provincially (Ontario). Your claim for these credits may be lower than the maximum due to income. Both the federal and provincial age amount credits have income caps. To receive the full amount, your net income must be less than $36,976. If your net income is above that level, the credit is reduced until it no longer applies (cap of $85,863).
Here's a link for more details: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-re...
I now understand the calculation however I don’t understand why turbo-tax miscalculated the amounts?
my return indicated a certain amount to be refunded and it was less because of this apparent mistake. How can I have faith in your software in the future?
Dave Imeson
PS This problem exists on Kevin OHallorans tax return which I completed on my account.