Common Canadian Non-Refundable Tax Credits
There are different types of non-refundable tax credits:
Basic Personal Amount: As mentioned above, this is applicable to all Canadian taxpayers. The credit amount offsets the payable and increases every year. For Canadians based outside of Canada, a prorated amount can be claimed based on the number of days they lived in Canada during the taxation year.
Canada Employment Amount: Canadian taxpayers who have employment income are eligible for this tax credit. It’s used to offset the work-related costs and expenditures. Self employed individuals aren’t eligible for this tax credit.
Eligible Dependent Amount: Individuals who supported an eligible dependant during the taxation year can this tax credit amount. It’s equal to the basic amount which is further decreased by the dependant’s income. An additional claim called the Canada Caregiver Amount can be filed if the dependent has a physical or mental impairment.
Here is a comprehensive list of some federal non-refundable tax credits that you can claim on your personal income tax return:
· Basic personal amount
· Age amount
· Spouse or common-law partner amount
· Amount for an eligible dependant
· Amount for infirm dependants age 18 or older
· Canada Pension Plan (CPP) or Québec Pension Plan (QPP) contributions through employment
· CPP or QPP contributions on self-employment and other earnings
· Employment insurance premiums through employment
· Adoption expenses
· Pension income amount
· Disability amount for self
· Disability amount transferred from a dependant
· Interest paid on your student loans
· Your tuition, education, and textbook amounts
· Tuition, education, and textbook amounts transferred from a student
· Amounts transferred from your spouse or common-law partner
· Donations and gifts
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