How is the Personal amount of Federal Non-Refundable Tax Credit calculated? My personal amount (calculated by Turbo Tax) seems high. How can I verify it is correct?
How is the Personal amount of Federal Non-Refundable Tax Credit calculated? My personal amount (calculated by Turbo Tax) seems high. How can I verify it is correct?
The Federal Basic Personal Amount is the same amount for every individual - $11,635. The only time this should be lower is if you have immigrated or emigrated from Canada during the year.
The Provincial Basic Personal Amounts vary and can be seen in the attached screenshot.
How is the Personal amount of Federal Non-Refundable Tax Credit calculated? My personal amount (calculated by Turbo Tax) seems high. How can I verify it is correct?
Thank you for the response. I eventually contacted and spoke to a TT support person who reassured me that my Personal amount did not seem unreasonable. And once I filed my return, I was able to print the summary which showed 2017 against 2016 amounts. When I compared my 2016 Personal amount to the 2017 amount, it appeared perfectly reasonable.
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