Professional Documents
Culture Documents
Chapter 4
Business And
Property Income
Net Taxable
Capital Gains
Division C
Deductions
Taxable Income
Other Sources
Of Income
Other Deductions
From Income
Available Deductions
No Intention To Tax
$1,000
(
250)
$ 750
2012 Rates
1st $42,707 @ 15%
$42,708 to $85,414 @ 22%
$85,415 to $132,406 @ 26%
Over $132,406 @ 29%
Full Indexing Each Year
15% of $42,707
22% of ($85,414 - $42,708)
26% of ($132,406 - $85,415)
Total Before Credit
$ 6,406
9,395
12,219
$ 28,020
After credit
($28,020 - $1,623)
$ 26,397
Individuals
ITA 118(1)(a): If Married
ITA 118(1)(c): If Single
[(15%)($10,822)] = $1,623
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Caregiver
Conditions
Maintain Household With Dependant Over 17
Resident Of Canada (Unless Child Or Grandchild)
Infirm (Unless Parent Or Grandparent 65 Or Older)
Not Available If Eligible Dependant Credit Available
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Caregiver
Value
[(15%)($4,402)]
Maximum = $660
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Dependants:
Child
Grandchild
Parent
Grandparent
Brother
Sister
Sister
Aunt
Uncle
Niece
Nephew
[ITA 118(6)]
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Conditions
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19
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Qualifying Amounts
Age 65 Or Older At End Of Year
Most Non-Government
< Age 65 At End Of Year
Life Annuities
Amounts Resulting From Death Of Spouse
No CPP, OAS, Or Provincial (QPP)
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Maximum = $164
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Up to $1,716 [(15%)($11,440)]
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Eligible Child
Has not attained age 18
Issued adoption order
Eligible Expenses
Fees to agency
Court and legal fees
Other reasonable expenses
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15% of cost
Individual
Spouse and children under 19
Qualifying pass
Unlimited travel for 28 days
5 day passes if they cover 20 out of 28 days
Electronic cards with at least 32 one-way trips.
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$750 [(15%)($5,000)]
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15% of $3,000
Requires 200 hour of volunteer firefighting
Cannot claim if paid for services by same department
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General Rules
15% (1st $200) + 29% Of Excess
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General Rules
Limit: 75% Of Net Income
(100% in individuals year of death and preceding year), plus
25% of taxable capital gains on gifts of capital property
(See Chapter 11), plus
25% of recapture on gifts of capital property
(See Chapter 11)
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General Rules
Carry Forward: 5 Years
Subject to the same limitations
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General Rules
15% of eligible costs
Reduced by the lesser of
3% of Net Income
$2,109 (3%)($70,300)
Any 12 month period ending in the year
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$ 2,500
( 2,109)
$ 391
Credit (15%)
$ 1,518
9,730
$ 10,121
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Qualifying
Age 18 or over
Earned income > $3,268
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Refundable Supplement
Lesser of:
$1,119
25/15 Of The Medical Expense Tax Credit
Then Reduced By 5% Of Family Income > $24,783
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Disability Supplement
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Education
15% of $400 per month of Full Time attendance ($60)
15% of $120 per month of Part Time attendance ($18)
Unlimited carry forward by student
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Textbook Credit
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Transfer Of Credits
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Transfer Of Credits
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Political Contributions
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Political Contributions
Federal Accountability Act
Individuals limited to $1,100 for
registered party
candidate or leadership contestant
nomination contestant
Corporations
Totally banned
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15 Percent Of Cost
First Registered Holder
Maximum Of $5,000, Or Credit Of $750
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$260 Individual
$260 Qualified Relation
$260 Eligible Dependant
$137 Qualified Dependant
Less: 5% Of Family Income > $33,884
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Clawback of EI
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Clawback of OAS
Lesser Of
Payments Received
15% Of Income In Excess Of $69,562
Disappears At $112,772
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