dshipman
New Member

Deductions do not bring total owing to zero

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.

fuzzy
New Member

After you file

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

View solution in original post

After you file

You'll need to look over the return to see what that amount is owed on. It is not necessarily income tax. It could be CPP contributions, a provincial health premium, etc. Tax deductions and credits won't reduce those things.