Charitable donation is a non-refundable tax credit for the donations and gifts.
What is charitable donation credit?
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Tag: line 236
Adjusted family net income for the purpose of the working income tax benefit
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Adjusted family net income is one of the two amounts used to calculate the working income tax benefit (WITB). To calculate adjusted family net income, you first add back the following amounts into your net income amount from line 236 of your return:
What is age amount
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Age amount is an extra credit to seniors. You qualify for age amount if you were 65 years of age or older on December 31 of the year you file your tax return.
How much age amount you can claim on line 301 for 2012
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In 2012, the full age amount you can claim on line 301 on Schedule 1 is $6,720 giving you a tax credit of $1,008. 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 $33,884. The age amount will…
How much age amount you can claim on line 301 for 2013
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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…
How much age amount you can claim on line 301 for 2014
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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…
How to report your commission income and claim your expenses on your tax return?
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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.