How do I claim the Non-refundable Nova Scotia tax credit - Line 58230 Amount for young children - with Turbo tax?
I thought it would do it automatically but at the end of my refund it says Total Nova Scotia Non-Refundable credits is 1430 but I had 2 children under 6 years of age for the 2023 tax year and it's supposed to be $100/month of the year that they are under 6.
How do I claim the Non-refundable Nova Scotia tax credit - Line 58230 Amount for young children - with Turbo tax?
No, it would come off your Taxable Income, which is calculated after Net Income.
Non-refundable tax credits can be used to reduce the tax that you paid or may have to pay. It can’t be used to generate or increase a refund. So, you will only get the amount that you would need to reduce you tax payable to zero.
How do I claim the Non-refundable Nova Scotia tax credit - Line 58230 Amount for young children - with Turbo tax?
I paid in approximately 10,000 in income tax last year because I was on maternity leave until June. I had 2 children under the age of 6 and 1 older. Would that $100/ month per child under 6 reduce the 10,000 to 7600 in payable income tax?
How do I claim the Non-refundable Nova Scotia tax credit - Line 58230 Amount for young children - with Turbo tax?
Alright. I went back and looked at previous years and turbo tax didn't calculate it like that. It showed on my assessment of my NS428 form where 2400 was claimed but then when calculated it ended up being 1430 or something along those lines.
How do I claim the Non-refundable Nova Scotia tax credit - Line 58230 Amount for young children - with Turbo tax?
Married but I assumed because I'm the lower income parent that it would be on mine. Children were 1,4 and 6 at the time. Is this something I should look into from previous years? I just assumed I wasn't able to use it all for some odd reason. I looked at 2021 & 2022 assessments and both are similar. I'm a Healthcare professional - little knowledge of income tax lol.
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