Non-Refundable* Credit For Low and Middle Income Savers
Taxpayers with income of $30,750 or less ($61,500 for joint filers) who make Voluntary Contributions to the Retirement Program may be eligible for a non-refundable* tax credit. The credit is claimed on the taxpayer's tax return and applies to the first $2,000 in Voluntary Contributions. The amount of the credit (up to 50%) depends on the individual's adjusted gross income.
We recommend that you consult with your tax adviser to confirm that you are eligible for, and can use, this credit. If you are eligible, this tax credit provides you with an opportunity to build your retirement savings with the help of the Federal Government.
* Non-refundable means that the credit is available only if the taxpayer is required to pay income tax.