Canada Primary Caregiver Tax Credit 2022-2024 Form

Instructions and help about Primary Caregiver Tax CreditApplicationSouthern Health

foreign are there credits or deductions for caregivers that should be considered and what are the rules and limitations involved with that sure so there are definitely both credits and deductions and before I get into some of the bigger picture ones let me just talk about what the difference in between yeah and deduction is so generally speaking credits are more powerful than deductions because credits can offset dollar for dollar taxes deductions are offsetting your income so when you think about how you get to your final tax due amount you have your income less your deductions that taxable income number and this is big picture right you would take that taxable income number multiply it by your tax rate and that gets into a whole other conversation that we won't get into here but that tax rate taxes due you take that taxes due less the credits and that's what you would actually pay so deductions are not as powerful as credits okay so when we're thinking about what caregivers can benef