PERSONAL EXEMPTION
Filed Under Tax · Tagged: Personal Tax
Here are 3 ways to use your personal exemption:
1. Use it yourself – both for Federal and Provincial
2. Let your spouse use it – If your income is less than the personal exemption, then your spouse can use the amount you can’t claim.
3. Claim an Eligible Dependent – If you’re a single parent, you can claim your child as an “equivalent to spouse” and claim your personal exemptions as well as your eligible dependent’s personal exemptions.
Please note that personal exemptions are referred to as “Basic Personal Amounts” on the T1 Income Tax Return.
