With economic inequality on the rise in Canada, the federal government needs to consider innovative solutions. One possibility for improving the tax-transfer system involves refundable tax credits (RTCs). Making all tax credits refundable wouldn't require Ottawa to introduce new tax measures; the ...
A new incentive that the Canadian government is providing is a refundable 15% investment tax credit on the capital costs made by non-taxable entities. These include indigenous or tribal communities, municipal utilities and Crown-corporations that make investments in renewable energy, energy stor...
If the Disability Tax Credit Certificate (above) has been approved, a supporting person can apply for this credit if they are a common-law partner, spouse, parent, child, grandparent, grandchild, sister, brother, aunt, uncle, niece, or nephew and the disabled person relies or relied upon t...
The Residential Clean Energy Credit for solar energy upgrades to your home has been extended through 2034 and expanded in value.
private corporations (CCPCs) where the group earns a significant amount of passive income. The second set reduces, but does not eliminate, the ability of a corporation to obtain refunds of refundable dividend tax on hand (RDTOH) by paying eligible dividends as compared to non-eligible dividends...
Common Tax Credits Here are a few common tax credits and how you may qualify for them: Adoption Credit – A nonrefundable tax credit for qualified adoption expenses paid to adopt an eligible child. Child and Dependent Care Tax Credit – A tax credit for the costs of care for a qualifying...
Budget 2024 sets forth the design and implementation of the Clean Electricity ITC previously announced in Budget 2023, as supplemented by additional changes in the 2023 Fall Economic Statement. The Clean Electricity ITC is a refundable tax credit equal to 15% of the capital cost of eligible proper...
Home accessibility tax credit: The government is proposing a new, non-refundable home accessibility tax credit for seniors and persons with disabilities that will provide tax relief of 15 per cent, up to $10,000 of eligible expenditures per calendar year, per individual...
Investment tax credits The Company is eligible to receive refundable Ontario Innovation Tax Credits and non-refundableFederal Investment Tax Creditsas a result of incurring eligible expenditures for Scientific Research and Experimental Development.
Refundable vs. Nonrefundable Tax Credits Some federal tax credits are nonrefundable, meaning once they reduce your tax liability to $0, a taxpayer may not receive additional benefit nor receive a refund due to an unused portion of the credit. An example of a nonrefundable tax credit is the ...