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2012 Tax Credits - Tax Amounts
Canadian Tax and
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Non-Refundable Personal Tax Credits - Tax Amounts
Amount x Tax Rate)
The tax credits in this table are the amounts to be deducted from the tax
payable. Some of the tax credits are reduced when
income exceeds a certain level. All tax amounts are rounded to the
equivalent to spouse amount is not the same as the spouse amount. It is
$6,294 (tax amount of $617), 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 is added to these amounts in certain circumstances, for
Federal and Yukon tax credits.
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.