When I complete the 2014 tax return I cannot lower the tax owing below -600.00. There comes a point when entering my allowable deductions that the amount owing simply does not go any lower than -$600.00, am I missing something? I have tried removing deductions then adding them again, the amount owing goes up but does not go lower when adding additional deductions.
If you were a resident of Ontario, you are being assessed an Ontario Health Premium. This premium is based on your taxable income and cannot be reduced by any Ontario non-refundable tax credits or foreign tax credits. If your taxable income is more than $48,600 but not more than $72,000, this premium is $600. Please see http://www.cra-arc.gc.ca/E/pub/tg/5006-pc/5006-pc-14e.html#P155_17157
If you were a resident of Ontario, you are being assessed an Ontario Health Premium. This premium is based on your taxable income and cannot be reduced by any Ontario non-refundable tax credits or foreign tax credits. If your taxable income is more than $48,600 but not more than $72,000, this premium is $600. Please see http://www.cra-arc.gc.ca/E/pub/tg/5006-pc/5006-pc-14e.html#P155_17157