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In 2013, the full age amount you can claim on line 301 on Schedule 1 is $6,854 giving you a tax credit of $1,028. However, the age amount you are able to claim is reduced by 15% of your net income (at line 236 of your tax return) in excess of $34,562. The age amount will…
In 2014, the full age amount you can claim on line 301 on Schedule 1 is $6,916 giving you a tax credit of $1,037.40. However, the age amount you are able to claim is reduced by 15% of your net income (at line 236 of your tax return) in excess of $34,873. The age amount will…
To claim amount for infirm dependants age 18 or older, the dependant must have been dependent on you, or on you and others, by reason of physical or mental impairment.
In 2014, the full amount for infirm dependants age 18 or older is $6,589, which includes the $2,058 family caregiver amount, providing you with a maximum tax credit of $988.35 (15% of $6,589). The credit is a non-refundable tax credit. The amount is reduced dollar by dollar by your dependant’s net income (line 236 of his or…
As a salesperson, you can either be classified as an employee earning commission income or as a self-employed commission salesperson. How to report your commission income and claim your expenses on your tax return depends on which category you are in.
If, at any time during the year, you (either alone or with another person) maintained a dwelling where you and one or more of your dependants lived, you may claim this credit for each dependant.
The legal representative has to file a return for the deceased for the year of death. This return is called the final return. In addition to the final return, the legal representative may choose to file up to three optional returns in order to save tax. The due dates for filing these returns depend on…
The legal representative has to file a final return for the deceased for the year of death. And up to three optional returns may be filed to save tax.
The legal representative has to file a final return for the deceased for the year of death. Additional up to three optional returns may be filed to save tax. Here are the due dates for filing optional returns.
It is much easier to understand the calculation of capital cost allowance (CCA) through an example.