Posted in Finance, Accounting and Economics Terms, Total Reads: 240
Definition: Non-Refundable Tax Credit
Non-Refundable Tax Credit is a type of tax credit which can reduce tax owed to 0$ but cannot take you towards tax refund. In simple words if you owed taxes worth +X$ and you get a tax credit of X+100$. This would make your tax owed 0$ but the extra 100$ would not be refunded. If it were a refundable credit you would have got these 100$ as credit or refund from the government.