Refundable Tax Credit VS Non-refundable Tax Credit

Both the Refundable tax credit and non-refundable tax credit can be utilized to offset tax liability. However, under the scenario that if you don’t have any tax payable, CRA will refund the total amount of refundable tax credit to you in cash. As for non-refundable tax credit, it can only be used to reduce tax payable to zero but it cannot be used to claim refund nor carry-forward for future years…

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