refundable tax credit – All About Tax

What is refundable medical expense supplement?

Posted on March 11, 2013May 16, 2021 by Simon Zhong

Refundable medical expense supplement is a refundable tax credit for working individuals with low income and high medical expenses.

What is working income tax benefit (WITB)

Posted on February 25, 2013May 16, 2021 by Simon Zhong

Working income tax benefit (WITB) is a refundable tax credit available to lower-income individuals and families who have earned income through employment or business.

Who is qualified for working income tax credit

Posted on February 24, 2013May 16, 2021 by Simon Zhong

Working income tax benefit (WITB) is a refundable tax credit available to lower-income individuals and families who have earned income through employment or business. To be eligible for this credit, you have to meet all of the following conditions:

What is a tax credit?

Posted on March 15, 2012May 17, 2021 by Simon Zhong

A tax credit reduces an individual’s tax payable. Rather than specifying the amount of each credit, in Canadian tax system, most credit is calculated by multiplying the base amount by the lowest tax rate. For example, the basic personal credit for 2011 is $1,579.05. It is calculated by taking 15% of $10,527.