![]() ![]() Ontario focused flow-through share tax credit: The maximum tax credit will be an amount up to, but not exceeding, the lesser of 50% of the amount allowed on line 32000 on the federal Schedule 11 and $2,000.00. Only an individual, who has a positive Canada training credit limit for the 2021 tax year is eligible for the tax credit. The credit can be shared between more than one individual as long as the total of the eligible expenses does not exceed the $10,000 maximum.Įffective for tax year 2021 only, the above refundable tax credit would provide up to $2,000.00 to an eligible individual for eligible tuition and other fees paid for courses taken by the individual in 2021. The new refundable tax credit is 25% of up to $10,000 in eligible expenses made by or on behalf of an eligible individual for the year. ![]() This refundable tax credit would provide up to $2,500 to senior homeowners, renters or people who live with relatives who are seniors, in order to allow them to continue to live independently and safely. The amount of the refundable tax credit is 15% of the expenses or $150, whichever is less. Teaching expense tax credit:Īn eligible educator can claim up to $1,000 as an eligible supplies expense. Enter the information in Credit tab to claim this. You can claim this non-refundable tax credit for shares you acquired from a registered employee share ownership plan (ESOP) at any time in 2021. Manitoba employee share purchase tax credit: You can claim this credit for investments you made in 2021 or during the first 60 days of 2021. Manitoba community enterprise development tax credit: You can claim this credit for eligible investments you made in a labour-sponsored venture capital (LSVC) corporation in 2021 (that you did not claim a credit for on your 2020 return) or in the first 60 days of 2022. You can also carry back to previous 3 years. You can carry forward unused credit to future year. You can claim this credit if you invested in flow-through shares and Manitoba mining flow-through share expenditures have been renounced to you. For more details on any income tax credit and deduction in Canada, you can contact us or visit CRA site. Our goal is to help you maximize your tax refund by using the right deduction/credit for right tax year. For each deduction/credit, we have listed the line number on tax return, eligibility criteria (who can claim), maximum limit(if any), carry-forward(yes/no), transfer option etc. Similarly, income tax credits for dependents have been grouped together under dependent tax credit. Most of the children tax credit and deductions are available for children under 18. You can create a free account and submit your tax return online.Ĭhildren deduction and income tax credit have been grouped together for families with children under children tax credit. They have been grouped under Deduction, Federal Credit and Province specific credit for easy understanding. Basic difference between tax credit and tax deduction is that tax deduction reduces your taxable income and tax credit reduces your income tax. We have compiled various personal income tax credits and deductions available to Canadian taxpayers for 2021.
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