Hello,
Can anyone please help to confirm if I am eligible or meet LICO requirement and the below a snippet of my 2024 NOA. The amount needed for a family of 3 is 44,966.
My annual salary is of course higher but I was on Mat leave for the first half of 2024. Total Income below is showing 50,565 which meets eligibility, but I am worried Net income is showing 44,831 which is 135 dollars lesser than the required amount and I do not know which will be considered.
My husband will not be co-signing.
Can anyone please help to confirm if I am eligible or meet LICO requirement and the below a snippet of my 2024 NOA. The amount needed for a family of 3 is 44,966.
My annual salary is of course higher but I was on Mat leave for the first half of 2024. Total Income below is showing 50,565 which meets eligibility, but I am worried Net income is showing 44,831 which is 135 dollars lesser than the required amount and I do not know which will be considered.
My husband will not be co-signing.
| 15000 | Total income |
| Deductions from total income | |
| 23600 | Net income |
| 26000 | Taxable income |
| 35000 | Total federal non-refundable tax credits |
| 61500 | Total Ontario non-refundable tax credits |
| 42000 | Net federal tax |
| 42800 | Net Ontario tax |
| 43500 | Total payable |
| 43700 | Total income tax deducted |
| 44800 | CPP or QPP overpayment |
| 45300 | Canada workers benefit |
| 48200 | Total credits |
| Total payable minus Total credits |
[th]
Line
[/th][th]Description
[/th][th]
$ Final amount
[/th][th]
CR/DR
[/th][td]
50,565
[/td][td]
5,734
[/td][td]
44,831
[/td][td]
44,831
[/td][td]
3,230
[/td][td]
740
[/td][td]
3,494.41
[/td][td]
1,609.36
[/td][td]
5,103.77
[/td][td]
6,460.97
[/td][td]
7.53
[/td][td]
489.36
[/td][td]
6,957.86
[/td]