Top 10 Tax Credits by Areas

Basic Personal Amount:

It’s a non-refundable tax credit that can be claimed by all individuals
The amount of this tax credit is indexed to inflation, as such it changes every year.
For 2024, the basic personal amount is $15,705 for taxpayers with a net income of $173,205 or less.
For individuals with a net income above $173,205, the basic personal amount gradually reduces until it reaches $14,156 for a net income of $246,752.

It’s a non-refundable tax credit that can be claimed by individuals aged 65 or older as of Dec. 31 of the taxation year, with a net income less than $102,925 in 2024
For 2024, the maximum claimable amount is $8,790
Both the tax credit amount as well as the net income threshold are indexed to inflation, as such the amounts change every year

It’s a non-refundable tax credit that can be claimed by individuals who supported their spouse or common-law partner at any time during the taxation year
For the supporting spouse to claim the credit, the dependent spouse or common-law partner’s net income must be less than their basic personal amount (up to $15,705 for 2024)

It’s a non-refundable tax credit that can be claimed by individuals who has reported employment income for the taxation year
The amount of this tax credit is indexed to inflation, as such it changes every year.
For 2024, the claimable amount is calculated as the lesser of $1,433 or the total employment income reported on the return

It’s a non-refundable tax credit that can be claimed by individuals who has reported eligible pension, superannuation or annuity payments
The maximum claimable amount is $2000

It’s a non-refundable tax credit that can be claimed by individuals or their spouse or common-law partner who paid for medical expenses in any 12-month period ending in the taxation year
Only medical expenses that comply with the CRA criteria are eligible. See this link for more details on eligible medical expenses
The amount of the threshold to qualify for the tax credit is indexed to inflation, as such it changes every year.
For 2024, the expenses must be in excess of the lessor or $2,759 or 3% of total net income to be claimed

It’s a non-refundable tax credit that can be claimed by individuals or their spouse or common-law partner who made donations during the taxation year
Only donations to qualified registered organizations with an official donation receipt are eligible.
The credit is calculated as 15% on the first $200 of contributions, and 29% of the rest, up to a maximum of 75% of total net income

It’s a non-refundable tax credit that can be claimed by post-secondary students
The institution must be a designated post-secondary institution, and a Tuition and Enrolment Certificate from the educational institution is required to claim the credit

It’s a non-refundable tax credit that can be claimed by individuals with disabilities or their supporting family member
Only individuals or their supporting family members who have applied for and been approved by the CRA are eligible to claim the credit

It’s a non-refundable tax credit that can be claimed by individuals or their spouse or common-law partner when purchasing their first house which was available for transactions on or before March 31, 2024
A qualifying home must be located in Canada and registered in the name of the individual or their spouse or common-law partner
The maximum claimable amount is $10,000
This tax credit was discontinued effective April 1, 2024 onwards

Works Cited

Canada, Service. “Government of Canada.” Canada.Ca, / Gouvernement du Canada, 16 Sept.

TaxTips.ca. “The Facts on Tax for Canadians.” Taxtips.Ca, www.taxtips.ca/. Accessed 31 Oct.