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Non-Refundable Tax Credit Blocks – 2005
In 2005, British Columbia non-refundable credits are calculated by multiplying the base amount by the lowest tax rate (6.05%).
Credit |
Base Amount |
Subject to Indexing |
Personal Credits |
|
|
Basic Personal Amount
|
$8,676 |
yes |
Spousal
Reduced when spousal income exceeds
|
$7,429
$743 |
yes |
Eligible Dependant
Reduced when dependant income exceeds
|
$7,429
$743 |
yes |
Infirm Dependant Credit
Reduced when dependant income exceeds
|
$3,797
$6,047 |
yes |
In-home care of relative
Reduced when relative's income exceeds
|
$3,796
$12,849 |
yes |
Age (65 or older by end of taxation year)
Reduced when income exceeds |
$3,891
$28,962 |
yes |
Pension Credit |
$1,000 |
no |
Charitable and other gifts
Lowest tax rate on first $200; highest tax rate on excess
|
Actual |
no |
Medical Expense Credit
Reduced by lesser of $1,804 or 3% of net income
|
Actual |
yes |
Credit for Mental or Physical Impairment |
$6,507 |
yes |
Credit for Mental or Physical Impairment
for child under 18
Reduced by attendant care and child care expenses in excess of $2,204 claimed in respect of the impaired child |
$3,796
$2,204 |
yes |
Tuition Credit |
Actual |
no |
Education
Full-time student
Part-time student |
$200/month
$60/month
|
no |
Student Loan Interest |
Actual |
no |
EI and CPP Credit |
Actual |
no |
If you were resident in British Columbia on December 31, 2004, your unused tuition and education tax credit on December 31, 2004 may be used when you calculate your 2005 claim.
If you were not resident in British Columbia on December 31, 2004, your unused tuition and education tax credit in 2005 is deemed to be:
2004 Federal Carry Forward |
X |
6.05
16.00 |
If an individual* is unable to use the age, pension, disability, tuition and education credits, these credits may be transferred to the taxpayer's spouse or common-law partner.
The disability tax credit may be transferred to a supporting person if the individual does not require the credit to reduce his/her British Columbia Income Tax to nil.
An individual* may also transfer tuition and education credits to a parent or grandparent if:
- no spousal transfers are made in a tax year
- the parent or grandparent is the only individual designated to receive a tuition-education transfer under the Income Tax Act
- no other individual has been designated to receive a tuition-education transfer under the federal Income Tax Act or under a similar provincial taxing statute
*Special Rules apply to the calculation of these amounts if the individual transferring the credits does not reside in British Columbia.
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