Canadian Tax - S8 - Tax Credits

Tax credit

An amount that reduces tax payable rather than directly reducing taxable income.

Non-refundable tax credit

A credit that can reduce tax payable to zero but generally cannot create a refund by itself when it exceeds tax payable. (Canada)

Refundable tax credit

A credit that can contribute to a refund even after tax payable has been reduced to zero, subject to the particular credit's rules.

Federal tax credit

A tax credit applied in calculating federal tax.

Provincial tax credit

A tax credit applied in calculating provincial/territorial tax.

Basic personal amount

A federal non-refundable tax credit amount generally available to individuals who meet the applicable conditions. (Canada)

Spouse or common-law partner amount

A non-refundable tax credit potentially available when the taxpayer supports a spouse/common-law partner who has sufficiently low income under the applicable rules.

Eligible dependant amount

A non-refundable credit potentially available to certain taxpayers supporting an eligible dependant.

Age amount

A non-refundable credit potentially available to qualifying individuals based on age and income.

Canada caregiver amount

A non-refundable credit potentially available to individuals supporting certain dependants with an impairment.

Disability Tax Credit (DTC)

A non-refundable tax credit for individuals who meet the eligibility requirements relating to a severe and prolonged impairment.

Tuition tax credit

A non-refundable tax credit relating to eligible tuition amounts.

Medical expense tax credit

A non-refundable credit for eligible medical expenses subject to applicable rules and thresholds.

Charitable donation tax credit

A non-refundable tax credit for eligible charitable donations.

Home buyers' amount

A non-refundable tax credit potentially available to qualifying individuals purchasing a qualifying home.

Canada employment amount

A non-refundable credit associated with employment income.

Student loan interest credit

A non-refundable tax credit potentially available for eligible interest paid on qualifying student loans.

Foreign tax credit

A credit that may help prevent double taxation when qualifying foreign income taxes have been paid.

Dividend tax credit

A credit associated with eligible Canadian dividend income.