Tax Credit

Welcome » Tax » Tax Credit

A tax credit is more valuable than a tax deduction

a $1 credit reduces tax by $1
refundable
- refunds the amount of the credit even if tax is not paid
- example: Goods & Services Tax (GST)
nonrefundable
- only refunds the amount of the credit when tax is owed (explain better)
- example: charitable contribution

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page revision: 1, last edited: 01 Jul 2007 23:08

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