So you'd end up paying 1.45% on the first $200,000 and 2.35% on the rest. The 0.9% Medicare surtax is a recent change and is intended to help pay for health reform. Investment income taxes: Capital gains, dividends and interest represent unearned income..
The tuition and fees deduction sounds good on the surface; it offers up to a $4,000 deduction. This option is open even if you donât itemize deductions. But since the deduction is for the taxpayer, not the student, it may not be the most beneficial for taxpayers with more than one student in the family.
Tuition tax credit. Tuition fees for students enrolled on a full-or part-time basis in Canada and, in certain instances, outside Canada, are eligible for a non-refundable tax credit, provided they total more than $100 per establishment.here tuition fees are paid to a qualifying institution outside Canada, Form TL11A (for a foreign university), TL11C (for commuters attending post-secondary institutions in the United States), or TL11D (for deemed residents of Canada) must be completed and filed with the return.