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Homestay Tax Deductions Canada. As of 2016, the canada child benefit replaced the canada child tax benefit and is issued as a monthly payment that can add up to an annual amount about of about $6400. This is the second module of the personal tax handbook covering rental income and deductions.
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To determine sara's provincial tax deductions, you use the weekly provincial tax deductions table. Sara's total tax deduction is $64.95 ($41.00 + $23.95). You can deduct from your taxes 5% of your adjusted gross income.
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Module 3 in this series covers the other area of increased scrutiny by the cra, principal residences. A registered retirement savings plan allows canadians to save for retirement and lower the amount of tax they owe. The deduction for a medical expense exceeding $3,750, if your income is $50,000. As of 2016, the canada child benefit replaced the canada child tax benefit and is issued as a monthly payment that can add up to an annual amount about of about $6400.
