Filing Tips for Beginners
Filing Tips for Beginners
Tax Services
Tax Services
Tax Services
Non-refundable credits
If you do not owe any taxes this year, or the tax credit lowers your balance owed to $0, any remaining non-refundable credit will be void. You will not receive the remaining credit, nor can it be used to reduce your income taxes in the following year. The government allows people who fall under certain categories to claim a predetermined amount as a non-refundable tax credit.
​
Examples: non-refundable tax credits are available for those that have a disability, a child/children under 18 years old, are 65 years or older, pay interest on student loans, etc.
Refundable credits
If you do not owe any taxes this year, or the tax credit lowers your balance owed to $0, any remaining refundable credit will be paid back to you by the Canadian Government in the form of a refund.
​
Examples: GST/HST credit (for those who make under a predetermined income), working income tax credit, etc.