An individual whose 2021 net income exceeds $79,845, (2022 - $81,761) will have their Old Age Security payment clawed back.
Individuals will begin to lose their income tax age credit in 2021 if their net income exceeds $38,893, (2022 - $39,826). If their net income in 2021 exceeds $90,313, (2022 - $92,479) they cannot claim the age credit. However, they may be able to transfer all or part of their age amount to their spouse or common-law partner or to claim all or part of his or her age amount.
Since 2009, persons eligible for the $2,000 pension income credit will be able to transfer up to 50% of pension income to a resident spouse/common-law partner. This will require a joint election which must be made each year. Both persons must agree to the allocation.