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| *The Commerce Journal>>>Canada Taxes |
There's no point in me claiming a non-refundable tax credit if the government owes me money right? |
I qualify for a $60 non-refundable tax credit...but since the government owes me money, doesn't that mean the tax credit is useless...? I'd suggest that you figure it out both ways and then determine which way is better. It really depends on why you have a refund.If it is because you've paid too much tax, then in spite of the "non refundable" title, you will actually get some money back. What non-refundable means is that the credits won't create a refund on their own. Have a look at line 35 on Schedule 1. Is there anything on it? Is it larger than what is on line 36? If so, then you would benefit from adding that non-refundable tax credit. It's bureaucratic. You have to do the paperwork. You might get even more back. Go ahead and claim it. Generally speaking, you are correct - it will provide no further money back to you. However, next year, when you have to list what your tax burden was for this year, it will be $60 lower and that may help reduce a future tax from beig imposed upon you. My advice is to file for it! No, it doesn't mean the credit is useless. It completely depends on your other tax information. It doesn't hurt to claim it, so I would go ahead and do so and maybe you'll get a bigger refund! It's worth a shot. I was a tax preparer for two tax seasons in prior years. That's what I thought when I did my taxes this year but you should put it in anyways... On your Schedule 1, every refundable credit you enter gets added up and then multiplied by 15.25% On the back of this page, you will subtract this from the amount that you "owe" in taxes. On the last page before you sign, you have to enter your "owing" amount from Schedule 1. You then subtract the amount of taxes you paid throughout the year (it's written on your T4s) and if the number is negative, you get a refund. So, you 60$ tax credit will become 9.15$ more in your pocket (however, if you are a student and you add this 60$ you then have to modify your Schedule 11 and you may end up with the same refund amount as before you added the 60$. At least you can thank your lucky stars that you don't live in Quebec and have to file 2 returns) |
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