Ads keep this website free for you.
TaxTips.ca does not research or endorse any product or service appearing in ads on this site.  Before making a major financial decision you  should consult a qualified professional.

Canada Employment Amount TaxTips.ca
Canadian Tax and
Financial Information
TaxTips.ca Home

What's New

Links & Resources

Site Map

Need an accounting, tax or financial advisor? Look in our Directory.  Use above search box to easily find your topic!   Stay Connected with TaxTips.ca!

 

Home  ->  Filing Your Return -> Line 31260 Canada Employment Amount Tax Credit

Line 31260 Canada Employment Amount Tax Credit

Note: Before tax year 2019, line 31260 was line 363.

Income Tax Act s. 118(10)

The Canada Employment Amount tax credit is a non-refundable tax credit is available for the first $1,000 of employment income earned.  The credit is based on the lesser of

bullet base amount of $1,000, indexed for inflation each year after 2007; and
bullet total employment income reported on lines 10100 and 10400 (prev. lines 101 and 104) of the tax return.

The tax credit is calculated by multiplying the lowest federal tax rate by the lesser of the base amount and total employment income.

Yukon also provides a non-refundable tax credit for the Canada employment amount.  The tax credit is calculated the same way as the federal credit, but using the lowest Yukon tax rate.

The Canada employment base amount is $1,368 for 2023 ($1,433 for 2024), both for the Federal and Yukon tax credit amount.

The Federal tax credit is claimed on line 31260 of Schedule 1.  The Yukon tax credit is claimed on line 58310 (was line 5834) of Schedule YT428.

To see the base amounts and tax rate for most non-refundable tax credits for Canada and all provinces and territories except Quebec, see the tables of non-refundable tax credits.  These tables also show the lowest tax rate in effect for the year.

No other provinces or territories provide a Canada employment amount tax credit at this time.

Revised: September 20, 2024

 

 

Copyright © 2002 Boat Harbour Investments Ltd. All Rights Reserved.  See Reproduction of information from TaxTips.ca

Facebook  | Twitter  |  See What’s New, stay connected with TaxTips.ca by RSS or Email
The information on this site is not intended to be a substitute for professional advice.  Each person's situation differs, and a professional advisor can assist you in using the information on this web site to your best advantage. 
Please see our legal disclaimer regarding the use of information on our site, and our Privacy Policy regarding information that may be collected from visitors to our site.