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FAQ: New Refundable Cost of Living Tax Credit

This page contains answers to common questions about the new refundable cost of living tax credit. We hope they give you the information you need.

I'm doing my taxes for 2021. How do I claim the new tax credit?

You do not have to claim the tax credit in your income tax return. If you are eligible and you file your return for 2021 by June 30, 2023, you will get the credit automatically after we issue your notice of assessment for 2021. 

What if I have a balance due in my income tax return?

You will get the full amount you are entitled to. We cannot apply this tax credit to your balance due.

What if I have an outstanding balance?

You will get the full amount you are entitled to. We cannot apply this tax credit to an outstanding balance.

Is the tax credit taxable?

No. Tax credits are not taxable.

Does my spouse's income affect the amount of my tax credit?

No. The tax credit will be paid out to all eligible taxpayers with a net income of less than $104,000.

Will I get the tax credit or will my spouse?

The tax credit will be paid out to all eligible taxpayers with a net income of less than $104,000. If you and your spouse are both eligible, you will each get a credit based on your respective net incomes.

What is the deadline for filing my income tax return for 2021 if I want to get the tax credit?

To be eligible, you must file your income tax return for 2021 by June 30, 2023. 

I declared bankruptcy in 2021. Can I still get the tax credit?

Yes. You may be eligible even if you declared bankruptcy in 2021. The credit will be considered granted for the period after the bankruptcy.

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