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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