Understanding how Income tax return works
Let us say for 2016, I paid $5000 in payroll taxes.
For simplicity's sake, let us assume I had no RRSP.
For 2016, my total non-refundable tax credits was $5000
Does that mean I get $5000 back when I file my taxes?
Is that how it works?
And I am also assuming if my non-refundable tax credits were over $5000, I would still only be able to get $5000 back, and not a cent extra?
Trying to understand how the whole thing works.
For simplicity's sake, let us assume I had no RRSP.
For 2016, my total non-refundable tax credits was $5000
Does that mean I get $5000 back when I file my taxes?
Is that how it works?
And I am also assuming if my non-refundable tax credits were over $5000, I would still only be able to get $5000 back, and not a cent extra?
Trying to understand how the whole thing works.
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