Basic Personal Amount (BPA): In 2024, the amount is $15,705, functioning as the “tax-free threshold.”
Canada Workers Benefit (CWB): Provides refundable tax credits to low-income individuals and families. Maximum Benefit: $1,428 for single individuals; $2,461 for families. Income Threshold: Reduction starts at $23,495 for singles and $37,675 for families.
Canada Carbon Rebate (CCR): Quarterly payments for residents in AB, SK, MB, and ON. Amount varies by province and family size. Rural residents receive an extra 10%. No application needed; assessed automatically through tax returns.
Medical Expense Tax Credit: Non-reimbursed medical expenses exceeding $2,635 or 3% of net income (whichever is lower) qualify. Eligible expenses include prescription drugs, dental treatments, private health insurance, and medical travel costs.
Home Accessibility Tax Credit (HATC): 15% credit for eligible home improvement expenses, up to $20,000. Available to seniors (65+) and persons with disabilities. Qualifying renovations include wheelchair ramps, walk-in bathtubs, grab bars, and non-slip flooring.
Digital News Subscription Tax Credit: 15% credit for eligible digital news subscription costs, up to $75 per year. Must subscribe to a qualified Canadian news organization.
Tuition Amount: Available for post-secondary students, covering tuition fees at eligible institutions. Unused amounts can be carried forward or transferred to parents/spouses. Requires the T2202 Tuition and Enrolment Certificate.
Eligible Dependant Credit: For single parents or those supporting dependents. The maximum amount is similar to the BPA. Each dependant can only be claimed once.
Canada Caregiver Credit: For individuals supporting dependents with physical or mental impairments. In 2024, the basic amount is $7,999. Reduction applies when the dependant’s net income exceeds $18,783. Requires supporting documents from a physician.
Work From Home Tax Credit: Available to employees working from home for over 50% of their time for at least four consecutive weeks. Eligible expenses include utilities, internet, repairs, and workspace rent. Requires the T2200 form from the employer.
