Line 300: Basic Personal Amount

by Tax Guy - Burlington Accountant on March 14, 2012 Print This Post Print This Post

The basic personal amount is a tax credit available to anyone who paid income tax during the tax year. The impact of this tax credit is that any income you earned up to the amount of the credit is essentially tax free.

For the 2011 tax year, the federal Basic Personal Amount was $10,527 and will reduce the amount of tax payable on the first $10,527 by $1,579. Therefore, the first $10,527 of income earned in 2011 will not be taxed.

About The Tax Guy...

Dean Paley CGA CFP is a Burlington accountant and financial planner who services individuals and business owners locally, nationally and internationally. Dean has appeared in the National Post, Toronto Star and Metro News.

To find out more, visit Dean's website Dean Paley CGA CFP or connect via Twitter @DeanPaleyCGACFP.

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