RSM324H1 Chapter Notes - Chapter 10: Pension Credit, Old Age Security, E-Commerce Payment System
22 Feb 2017
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Chapter 10 individuals: determination of taxable income and taxes payable. A credit of ,018, which is equivalent to ,788 of taxable income (15% * ,788), is available for supporting a related person who is at least 18 and is dependent by reason of physical or mental infirmity. The (cid:272)redit is redu(cid:272)ed (cid:271)(cid:455) (cid:1005)(cid:1009)% of the depe(cid:374)da(cid:374)t"s (cid:374)et i(cid:374)(cid:272)o(cid:373)e i(cid:374) e(cid:454)(cid:272)ess of ,(cid:1012)(cid:1004)(cid:1011) However, dependants, other than children, must be resident in canada. It is not necessary that the dependant be living with the supporting individual: caregiver. Individuals who provide in-home care for a parent or grandparent who is 65 or over or for a dependent relative who is infirm are entitled to a tax credit against federal tax (15% * ,667) This credit is reduced by 15% of the depe(cid:374)da(cid:374)t"s (cid:374)et i(cid:374)(cid:272)o(cid:373)e i(cid:374) e(cid:454)(cid:272)ess of. The (cid:272)redit is (cid:272)o(cid:373)pletel(cid:455) eli(cid:373)i(cid:374)ated (cid:449)he(cid:374) the depe(cid:374)da(cid:374)t"s i(cid:374)(cid:272)o(cid:373)e exceeds ,607: family caregiver.
