Reading Time: 6 minutes According to a 2012 Statistics Canada survey, an estimated 3.8 million adults in Canada are living with a disability. Of those in the survey aged 75 or greater, 42.5% suffered from one or more disabilities that limited their daily activities. Fortunately, Canada has several tools to assist us in dealing with these challenges from a […]
More Resources on Personal Tax Credits
Reading Time: < 1 minute In the latest issue of LawNow, the article “Credit where Credit is Due: Personal Tax Credits in the Canadian Tax System” looks at where personal tax credits are available. These include credits for: dependent family members, children’s fitness and arts, pensions, medical expenses, employees, student’s tuition, gifts to registered charities, and more. The amounts of […]
Credit where Credit is Due: Personal Credits in the Canadian Tax System
Reading Time: 7 minutes 2012 is the 25th year of personal credits in the Canadian tax system. Prior to 1988, personal exemptions were deducted from taxable income. Since 1988, credits against taxes payable have been used. This was perceived as more fair, because the benefit of deductions was greater for higher income taxpayers. Credits result in the same tax […]
