After last week's realization that Ms. Loonie would owe $2,500 less than expected on her 2007 tax return, I've been on the lookout for other hidden gems in the income tax rules.
Well, faithful reader, you will be delighted to learn that I've found another unexpected tax credit for which I (and many other Canadians) will qualify: the Canada employment amount. This is a federal non-refundable tax credit for taxpayers who received employment income for the year. You can claim the lesser of $1,000 or your total employment income (lines 101 and 104 of your tax return).
I earned just a smidge over $1,000 in 2007, so I'll be claiming the full $1,000 credit. At a tax rate of 15%, this translates to an additional $150 in my pocket.
Given that I stopped commuting to work just after the public transit amount came into effect, it's nice to have one of these new credits actually apply to me.
Who doesn't love finding $150?