TAX Lines to notice
Lesser of 3% of Net Income or $2,171 for 2014 Tax credit is 15% of the amount
remaining.
line 330
Non Refundable Tax Credit
Example:
Medical Expense
$50,000 Income (3% is $1,500) | $2,500 Qualifying Medical Expenses
$2500-$1500= $1000 | $1000 x 15% = $150
$150 Couples with children under age 18 to split income of spouse with higher earnings
max transfer of up to $50,000 to lower income spouse. (Max credit: $2,000)
line 423
Non Refundable Tax Credit
Example:
$60,000 & $25,000 Income | $35,000 Difference | $17,500 Split
Adjusted Taxable Income of Each Spouse $42,500
Family Tax Cut
$1,123 Caregiver of a dependant with a mental/physical infirmity. A letter from a
qualified medical professional is required to claim & can be eliminated/reduced
depending on the net income of the dependent (Max credit: $2,058)
lines 303, 305,315
Non Refundable Tax Credit
Example:
$2,058 Credit
Family Caregiver
Example:
$100,000 Income | 38.29% Marginal Tax Rate | Annual Childcare: $3600
Child Care Expense
$1,378
Line 234 includes All income sources less deductions but exclude tax credits
Clawback threshold is $72,809 reduces by $0.15 for each $1 of income above the
limit
line 234
Net Income before Adjustments
Child Care Costs are deducted from income, therefore saving att the taxpayer's
marginal tax rate.
$7,000 per child under age 7 | $4,000 per chilad from age 7 to 16
line 214
Deduction
$309 Example:
Old Age Security Clawback
$100,000 Income | OAS after clawback is $224/month
Max OAS payment is $564/month We've put together this list of tax lines to keep in mind as you're beginning to file taxes to help reduce
your tax bill and raise your wealth.
Please note that this report is for information purposes only and is not intended to provide specific financial, investment, tax or accounting advice. NUMBERS MAY VARY BASED ON YOUR SITUATION
Rick Singh, BA, CPCA | CRSFinancial.ca | Rick@CRSFinancial.ca | (604)535-3367