Line 363 Canada Employment Amount Federal Tax Sch. 1?
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okay i should probably repeat grade 7 but i'm not getting how this helps me. in the guide it states that the non refundable tax credits reduces your federal tax but if the total of these credits is more than my federal tax i will not get a refund for the difference. if i hadn't entered the amount of $1,019 on line 363, i would be getting WAY more of a refund. as it stands, i now owe, as it's more than the federal tax i paid. also, if you entered an income of over $1,019 (and like who wouldn't...) on line 101 of the return, then you enter the maximum ($1,019) on line 363 of the federal tax schedule? sorry if i sound dumb, but this is the first time i've done my own taxes. somebody tell me how this helps me out, this line 363 amount, thanks!!
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Answer:
>>if i hadn't entered the amount of $1,019 on line 363, i would be getting >>WAY more of a refund This is impossible. Either a Non-Refundable Tax Credit reduces your taxes by 15% of the line amount (in this case 15% x $1019) (see line 38 of Schedule 1), or they are more than the total tax liability, in which case they do nothing since line 23 can't be negative. It's actually grade 5. ;)
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