Federal Individual tax credits for 2016

Dollar amounts on which individual non-refundable federal tax credits for 2016 are based, and the actual tax credit claimable, will be as follows:

  Credit amount   Tax Credit
Basic personal amount   11,474 1,721
 Spouse or common-law partner amount                                         11,474 1,721
Eligible dependent amount 11,474 1,721
Age amount 7,125 1,069
Net income threshold for erosion of credit 35,927
Infirm dependent amount (over 18) 6,788 1,018
Net income threshold for erosion of credit 6,807
Caregiver amount (for parent or grandparents) 4,667 700
Net income threshold for Erosion of credit 15,940
Disability amount 8,001 1,200
Adoption expenses credit 15,453 2,318
Medical expense tax credit threshold amount 2,237
Maximum refundable medical threshold amount 2,237
Maximum refundable medical Expense supplement 1,187
Old Age Security claw back Income threshold 73,756

Credit amounts are converted to a non-refundable credit by multiplying the amount by the federal rate applicable to the lowest income bracket, which is 15% for 2016.

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation