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2012 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 dependant income exceeds $629, and eliminated when dependant
income exceeds $6,923. (2)
The 2011 Federal Budget removed the cap of $10,000 beginning in
the 2011 taxation year. This measure was included in Bill
C-13 which received Royal Assent (became law) on December 15, 2011. Yukon and Nunavut
follow the Federal legislation for the medical expense tax credit. (3) The Family
Caregiver Amount (FCA) of $2,000 is added to these amounts in certain
circumstances, for Federal and Yukon tax credits. The income threshold, if
applicable, is also increased by the FCA. (4) The
BC 2012 Budget removed the cap of $10,000
beginning in the 2012 taxation year. (5) The NS
2012 Budget announced an increase in the spouse and spousal equivalent
amounts, and the disability amount.
Every taxpayer gets a tax credit for the basic personal amount, so any
person can earn taxable
income of $10,822 in 2012 without
paying any federal tax, and can earn anywhere from $7,708
to $17,282, depending on the province or territory in which
they live, without paying any provincial or territorial tax.