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Tax Benefits And Credits Available To Parents

This week I attended an information session regarding benefits and credits available to parents. Some of the information shared was new to me. In order to get benefits and credit payments you must complete your taxes every year even if you had no income. If you have a spouse or common-law partner they also have to do their taxes every year. The Canada Revenue Agency (CRA) uses the information from your income tax and benefit return to calculate your benefits and credit payments, and other payments you may be eligible for. Some of the benefits and credits could be back dated for up to 10 years. Canada Child Benefit- up to $6,639.00/year for each child under the age of 6 years and up to $5,602.00/year for each child aged 6-17 years Child Disability benefit- up to $2,832.00/year if your child under 18 years is eligible for the disability tax credit GST/HST credit- up to $580/year, plus $153.00/year for each child under 19 years Disability Tax credit- up to $8,235 as a non-refundable tax credit you, or a family member who supports you, can claim on your return if you have a disability. Canada Workers benefit (used to be called the Working Income Tax benefit) – up to $2,335 as a refundable tax credit on your return, if you have working income. You could also apply to get up to half of the tax credit amount in advance payments. Did you know that you could have your taxes done for free? If you have a modest income and a simple tax situation, a volunteer could do your taxes for you a a free tax clinic. More information is available, go to canada.ca/taxes-help or call 1-800-959-8281

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    AffiliateLabz says

    Great content! Super high-quality! Keep it up! 🙂

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