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2010 Tax Credits - Base Amounts
Canadian Tax and
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equivalent to spouse amount is not the same as the spouse amount. It is
$6,294, reduced when dependent income exceeds $629, and eliminated when
dependent income exceeds $6,923.
(2) Nova Scotia base
amounts are not indexed for inflation. The base amounts up to the year
2010 are indicated in the Nova
Scotia Income Tax Act. The indexing factor shown above is the approximate amount
of the increases. The following items are not increased each year:
child amount for
dependent children under 6
medical expense tax
education and textbook
(3) Newfoundland & Labrador 2010
Budget increases the age amount to $5,000 effective July 1, 2010. This
results in an average age amount for 2010 of $4,340.
Every taxpayer gets a tax credit for the basic personal amount, so any
person can earn taxable
income of $10,382 in 2010 without
paying any federal tax, and can earn anywhere from $7,708
to $16,825, depending on the province or territory in which
they live, without paying any provincial or territorial tax.