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A foreign tax credit of up to 15% for any foreign tax withheld at source on property income (other than income from real property) is allowed, although the credit cannot exceed Canadian tax payable on the foreign income.
To deduct these expenses, the taxpayer must be a member of the Armed Forces on active duty and their move must be due to a military order or result of a permanent change of station. Deadline extensions: Some members of the military such as those who serve overseas can postpone most tax deadlines.
A deduction may be claimed for certain members of the Canadian Armed Forces and Canadian police services if you were deployed outside Canada on a high-risk or current moderate-risk operational mission. If this applies to you, an amount will be shown in box 43 of your T4 slip.
A qualifying CCPC can qualify for a 35% refundable tax credit annually on its first CAD 3 million in expenditures. This enhanced credit is subject to certain capital limitations.
Tax-free basic personal amounts (BPA) For the 2023 tax year, the federal basic personal amount is $15,000 (for taxpayers with a net income of $165,430 or less). This means that an individual Canadian taxpayer can earn up-to $15,000 in 2023 before paying any federal income tax.
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20 Popular Canadian Tax Deductions and Credits for Tax Year 2023 GST/HST Credit. Ontario Trillium Benefit. Charitable Tax Credit. Self-Employment Expenses. Other employment expenses. Canada Workers Benefit. Registered Retirement Savings Plan (RRSP) Deduction. Home Buyers Amount.
For members of the Canadian Armed Forces and police officers deployed on international operations. You are not required to pay income tax on money earned while on active duty, whereas previously this was based on the risk levels of your mission.
Eligibility for the tax exemption under section 87 of the Indian Act. The employment income of Indians, as that term is defined in the Indian Act, is exempt from income tax under paragraph 81(1)(a) of the Income Tax Act and section 87 of the Indian Act, only if the income is situated on a reserve.

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