Non-Refundable Tax Credits

Taking Advantage of Personal Tax Credits: Part 1

By Webmaster|2017-01-02T20:23:17-07:00March 14th, 2013|Personal Taxation|

When filing your taxes, there are numerous personal tax credits available that will help you offset the federal (and sometimes provincial) taxes owing on your tax return. We previously discussed how tax credits affect your balance owing. In this posting we will be providing you with some relevant information about a few of these tax credits. Please note that technical data below has been taken from the Canada Revenue Agency Website at the following link: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/menu-eng.html Basic Personal Amount [...]

Filing your personal taxes: The difference between a tax credit and a tax deduction

By Webmaster|2017-01-02T20:23:17-07:00March 5th, 2013|Personal Taxation|

A very common misconception that people have is they believe that tax credits are a tax deduction. It is important to distinguish between the two as both have very different and unique benefits to the calculation of your income taxes. A tax deduction is a reduction in the gross amount on which tax is calculated. In other words, a deduction against your net income for the year to arrive at your taxable income. In Canada, your calculated taxable income is [...]

Non-Refundable Tax Credits

March 14, 2013

Taking Advantage of Personal Tax Credits: Part 1

Filing your personal taxes: The difference between a tax credit and a tax deduction