Tax credits

So things at the office have been good.  Lots of activity lately in the office, we have seen many new as well as familiar faces dropping by, very nice.  Good ole taxes are getting done.  It is time to come on by to see us and join in the fun.

This week's posting is a quick discussion on non refundable tax credits available to taxpayers.

Non refundable tax credits are personal tax credits available, these credits are calculated by adding up the total of credits that you qualify for and multiplying them by 15% (lowest federal tax rate, provincial rates differ). 

The following is a list of a few of these credits

Personal  ($10,382)

Over age 64 (max $6,446)

Transfers from spouse/dependant

Amount for children born after 1993

CPP/EI

Pension income

Disability/Caregiver

Tuition/education/student loan interest

Canada Employment Credit

Public Transit

Children’s Fitness amount

Home Buyers’ amount

Adoption expenses

Medical

Donations

Dividend tax credit

Overseas employment

So if you think you qualify for any of the above credits let your accountant know when getting your personal taxes prepared.

Have a great weekend and let the spring shine in.  Remember to set your clocks ahead one hour on Sunday.  Day light savings already.

For federal tax purposes you add up all the credits you qualify for and multiply the result by 15% to determine the amount you can deduct from your taxes owing.