Credits and allocations
CREDIT FOR THE
GST/HST
Quarterly payment for low- and moderate-income families and individuals, helping to cover the cost of the federal goods and services tax.
CANADA WORKERS BENEFIT (CWB)
At the federal level, the Canada Workers Benefit (CWB) is a refundable credit intended to support low-income workers.
Family allowance
Financial assistance paid to all eligible families with dependent children under 18 years of age who reside with them.
CANADA CHILD BENEFIT
This is a tax-free monthly payment made to eligible families to help them support the needs of their children under the age of 18.
CRÉDIT D'IMPÔT POUR SOLIDARITÉ
Intended to help low- and middle-income individuals and families reduce the cost of living. This is a refundable credit managed by Revenu Québec.
TAX CREDITS RELATING TO THE WORK BONUS
This is a refundable benefit for low-income workers in Quebec. It aims to encourage employment and financially support those who work.
Child care tax credit
It helps reduce childcare costs.
Medical Expense Credit
Available to residents who have incurred high medical costs not covered by other programs.
Tax vehicles
In Canada, a tax vehicle refers to a savings account or plan offering specific tax advantages, allowing individuals to save or invest while optimizing their tax situation.
Registered Retirement Savings Plan (RRSP)
Designed to encourage saving for retirement, RRSPs offer tax deductions on contributions, thereby reducing taxable income. In special circumstances, you can withdraw funds from your RRSPs for home ownership and continuing education.
Tax-Free Savings Account (TFSA)
Introduced in 2009, the TFSA allows Canadian residents aged 18 or older to invest funds tax-free. Contributions are not tax deductible, but earnings and withdrawals are tax-free.
Tax-Free Savings Account for First-Time Home Buyers (TFSA)
Is a Canadian registered savings plan designed to help individuals accumulate funds for the purchase of their first home. This account combines the tax advantages of the RRSP and the TFSA, thus offering an attractive solution for first-time buyers.