Personal Tax Credits

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Personal Tax Credits 2012

  Federal Ontario
Basic 10,822 9,405
Spouse or eligible dependent
– reduced by net income over $0 (federally)
– reduced by net income over $798 (provincially)
10,822 7,986
Dependent child under 18 years of age
– reduced by the net  income over $0 (federally)
– reduced by net income over $798 (provincially)
21,912 n/a
Full-time / Part-time post-secondary studies:    
     
Education amount (per month) full-time/part-time 400 / 120 506 / 151
Textbook amount (per month) full-time/part-time 65 / 20 n/a
     
Disabled dependent aged 18 or older
– reduced by child-care and attendant-care expenses over $2,578 (federally)
– reduced by child-care andattendant-care expenses over $2,595 (provincially)
4,402 4,433
Fitness for children (- 16 years of age) 500 526
Artistic, cultural and recreational activities for children (- 16 years of age) 500 n/a
Employment amount 10,958 n/a
Public transit passes  – each 100 15
Age amount over 64
– reduced by net income over $33,884 (federally)
– reduced by net income over $34,183 (provincially)
6,720 4,592
Person suffering from a disability 7,546 7,598
Supplement (less than 18 years of age)
– Reduced by child care and caregiver expenses exceeding $2,578 (nil at $6,980).
4,402 4,432
Caregiver amount
– reduced by net income over $15,033 (federally)
– reduced by net income over $15,165 (provincially
4,402 4,433
Adoption fees 11,440 11,474
Volunteer firefighters 3,000 n/a
Purchase of first home 5,000 n/a
Medical expenses 15% of expenses which exceed the lesser of $2,109 or 3% of applicant’s net income 5.05% of expenses which exceed the lesser of $2,128 or 3% of applicant’s net income
No limit Maximum medical expenses for dependent of $11,474
Charitable donations Max. donations: 75% of net income Max. donations: 75% of net income
15% on the first $200 and 29% on excess amount 5.05% on the first $200 and 11.16% on excess amount