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The taxable income thresholds in all three Ontario provincial tax brackets and most provincial non-refundable tax credit amounts were increased by 3.3% in 2012, reflecting changes to Canada’s consumer price index (CPI) in Ontario.
The Healthy Homes Renovation Tax Credit is a permanent, refundable personal income tax credit for seniors and family members who live with them. It is provided by Ontario government to help with the cost of making home safer and more accessible for seniors in Ontario.
Public transit amount is a non refundable tax credit for the cost of public transit passes for travel in Canada on local buses, streetcars, subways, commuter trains, or local ferries.
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.