Hi all
I have rental income that I declare via form 11 on ROS every year, registered with PRTB, etc.
My tax credit certificate makes 2 seperate references to rental income:
1. Tax credit is reduced by rental income
2. Tax rate band is decreased by rental income
The amounts are different for 1 & 2 above and one of them seems to be based on the taxable amount of rental income from a previous return.
Does anyone know if it is correct that these should be different?
Also, is it correct that your tax credits and tax rate bands are decreased as well as paying tax on the (taxable) rental income?
I've tried to find a similar post on here but to no avail. Apologies if this has already been covered and I missed it.
thanks
dol
I have rental income that I declare via form 11 on ROS every year, registered with PRTB, etc.
My tax credit certificate makes 2 seperate references to rental income:
1. Tax credit is reduced by rental income
2. Tax rate band is decreased by rental income
The amounts are different for 1 & 2 above and one of them seems to be based on the taxable amount of rental income from a previous return.
Does anyone know if it is correct that these should be different?
Also, is it correct that your tax credits and tax rate bands are decreased as well as paying tax on the (taxable) rental income?
I've tried to find a similar post on here but to no avail. Apologies if this has already been covered and I missed it.
thanks
dol