Line 30000 – Basic personal amount (2024)

FAQs

What is the line 30300 for spouse or common law partner amount? ›

Claiming the Canada caregiver amount for spouse or common-law partner, or eligible dependant age 18 or older. You may be entitled to claim an amount of $2,499 in the calculation of line 30300 if your spouse or common-law partner has an impairment in physical or mental functions.

The rate on capital gains is one-half the ordinary income tax rate. The federal basic personal amount comprises two elements: the base amount ($14,156 for 2024) and an additional amount ($1,549 for 2024).

For individuals below 60 years of age, the basic income exemption limit is Rs 2.5 lakh. For senior citizens aged 60 years and above but below 80 years, the basic exemption limit is Rs 3 lakh. For super senior citizens aged 80 years and above, the basic exemption limit is Rs 5 lakh.

What are exemptions? An exemption is a dollar amount that can be deducted from an individual's total income, thereby reducing. the taxable income. Taxpayers may be able to claim two kinds of exemptions: • Personal exemptions generally allow taxpayers to claim themselves (and possibly their spouse)

What is the spouse or common-law amount and when can it be claimed? You can claim the spouse or common-law amount if you supported your spouse or common-law partner at any time during the year and their net income was less than their basic personal amount ($15,000 in 2023).

You can claim a boyfriend or girlfriend as a dependent on your federal income taxes if that person meets certain Internal Revenue Service requirements. To qualify as a dependent, your partner must have lived with you for the entire calendar year and listed your home as their official residence for the full year.

For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; and for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023.

The primary allowances for most individuals are BAS and BAH, which are tax-exempt.

The Tax Cuts and Jobs Act (TCJA) increased the standard deduction (set at $14,600 for single filers and $29,200 for joint filers in 2024) while suspending the personal exemption by reducing it to $0 through 2025.

Do you have to file taxes if you have no taxable income? ›

Individuals who fall below the minimum may still have to file a tax return under certain circ*mstances; for instance, if you had $400 in self-employment earnings, you'll have to file and pay self-employment tax. If you have no income, however, you aren't obligated to file.

Generally, tax exemptions reduce the taxable income on a return. There are many kinds of tax exemptions; however, personal exemptions are included on nearly every individual return filed in the U.S. You can claim a personal exemption for yourself unless someone else can claim you as a dependent.

Before 2018, taxpayers could claim a personal exemption for themselves and each of their dependents. The amount would have been $4,150 for 2018, but the Tax Cuts and Jobs Act (TCJA) set the amount at zero for 2018 through 2025.

Under the tax reform bill that passed into law at the end of 2017, the personal exemption was eliminated. This means you cannot claim it on your taxes starting with the tax year 2019.

The spousal amount that can be claimed will be the Basic Personal Amount (BPA) of the supporting taxpayer, which for 2023 is a minimum of $13,520 and a maximum of $15,000 ($14,156 and $15,705 for 2024), less the net income of the spouse.

Living common-law means that you are living in a conjugal relationship with a person who is not your married spouse, and at least one of the following conditions applies: This person has been living with you in a conjugal relationship for at least 12 continuous months.

Line 30800 – Base CPP or QPP contributions through employment income. For individuals 60 to 70 years of age, go to Canada Pension Plan (CPP) contributions for CPP working beneficiaries. Your CPP or Quebec Pension Plan (QPP) contributions are shown in box 16 and box 17 of your T4 Slip.

Under tax reform, you can no longer claim a dependent exemption beginning with tax year 2018, but you still need to know who qualifies as your dependent for other tax benefits like the Other Dependent Credit worth up to $500 for dependents who are considered non-child dependents.