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The basic deductible amount has no impact on taxable income because it is used as credits to reduce your taxes. So, if you are eligible for some benefits, like bursary or child tax benefits and they are calculated upon your taxable income or net income, your burary reported as other income on your return might put you in a disavantageous situation. Making a correction would be a good idea.
Post by brucekuang;2556016
it is not a big deal! Though you had made a mistake, your taxable income would still be zero because your basic deductible amount was CAD10,320.
the result was the same, as you had only income of CAD6000. |
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