Canadian Maple Leaf Licensing Info: FSCO (Ontario) #11363,
and serving all other provinces.
 

GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Non-refundable Credit


Synonyms:non-refundable tax credit, wastable tax credit
Filed Under: financial-banking, taxation
Tags: banking, credit, taxes
 

Definition of non-refundable credit

non-refundable credit
1. Tax credits that reduce a person's tax liability dollar-for-dollar. Non-refundable credits can bring a tax bill down to nothing.

Related Terms and Acronyms:

  • income tax   The main source of revenue for the federal government and many Provinces. The tax is based on your earned and unearned income. The amount or percentage taxed is based on the amount of income, using the governments graduated tax scale.
  • income-splitting   A financial strategy used for tax purposes to reduce the overall tax burden on a family. Income is shifted from one family member to another who is in a lower tax bracket, so the income is taxed at the lower rate to save the family money.
  • refund   To give back, return, or repay.
  • tax credit (TC)   Tax credits are used to reduce the amount of the tax owed. Tax credits are more valuable than deductions because they directly reduce the amount of tax owed, rather than reducing the amount of income that is taxed.
  • tax deduction   An expense that governments allow you to subtract from your income before computing your income tax.
  • tax liability   The total amount of tax you owe.
  • tax refund   To receive money back from the government.

Search the Glossary

Mortgage Rates
If you look for a mortgage online, you'll soon see that from one lender, bank, or broker to the next, the rates offered can be substantially different. Some high, some low. Compare the best mortgage rates and make sure your money isn't being wasted.
Mortgage Rates
 
Best Mortgage Rates
With a lower mortgage rate, it's easier to afford a better home and what you save on interest can go directly toward paying off the principal value of your property faster. Make sure you get the best rates in Canada on your mortgage, apply today.
Mortgage Rates
 
New Mortgage Calculator is Here
Our a new and improved mortgage calculator has everything our clients have requested over the years. Learn how mortgage interest rates, payment schedules and amortization periods influence the cost of your mortgage. Easily compare competing rates or add lump sum payments to the calculation. Try our new mortgage calculator.
New Mortgage Calculator with Lump Sum Payments