How much is child tax deduction

how much is child tax deduction

If you supported an eligible dependent, following CRA approved dependent tax credits can help you reduce your tax payable on your Canadian tax return. These tax credits can be claimed on all provincial tax return as well. To claim a dependent, dependent income need not be zero.

  • Line 305 / 5816 - Amount for an eligible dependant. You can claim this amount if, at any time in the year, you supported an eligible dependant and his or her net income (line 236 of his or her return) was less than $11.038. Maximum federal amount is $11,038. If dependant qualifies for family caregiver amount, you can claim an additional $2,040. Tax credit for a child claimed as eligible dependent is same as tax credit available for dependent spouse. Only one claim is allowed for this line. Provincial credit varies by province. Eligible dependent for line 305 is

1) your child, grandchild, brother or sister and they are either under 18 years of age or they have mental or physical impairment.

2) your parents or grandparents.
  • Line 306 / 5820 - Amount for infirm dependants age 18 or older. If you supported an eligible dependent, you can claim upto $6,530 per dependant depending on dependant income. Provincial credit varies by province. You can claim more than one person as eligible dependent on this line if

    1) the person is 18 years or older, and

    2) person has mental or physical impairment and

    3) person is your (or your spouse's) parent, grandparent, brother, sister, aunt, uncle, niece, nephew.
  • Line 315 / 5840 - Caregiver amount. If you supported an eligible dependent in your house, you can claim upto $4,490 per dependant depending on dependant income. You can claim an additional $2,040 if dependant qualifies for family caregiver amount. Provincial credit varies by province. Eligible dependent for line 315 is

    1) your (or your spouse's) parent, grandparent, child, grandchild, brother, sister, aunt, uncle, niece or nephew and 18 years of age or older and dependent on you due to mental or physical impairment. or

    2) your (or your spouse's) parent or grandparent and 65 years of age or older
  • Line 318 / 5848 - Disability amount (DTC) transferred from a dependant. You may be able to claim upto maximum disability amount (line 316) of your dependant (other than your spouse or common-law partner) if he or she was resident in Canada at any time in 2013 and was dependent on you for some of the basic necessities of life (food, shelter, or clothing).
  • Line 331 / 5872 - Allowable amount of medical expenses for other dependants. You can claim medical expenses paid by you or your spouse for an eligible dependent (including children over 18 years of age) in any 12-month period ending in 2013. You can maximize the tax benefit by selecting the optimum 12 month period.
  • Having kids has its own tax advantage in Canada in the form of these federal tax credits for children which reduces your income tax payable to CRA.

    • Any unused child tax credit can not be carried forward for use in next

      year.

    • Line 313 / 5833 - Adoption expenses. You can claim upto $11,669 per child towards eligible adoption expenses related to the adoption of a child less than 18 years of age. Taxpayers of Ontario, Alberta, British Columbia, and Newfoundland and Labrador can claim provincial credit for adoption expense. Unused adoption expenses can not be carried forward. Provincial credit varies by province.
    • Line 324 / 5860 - Tuition, education, and textbook amounts transferred from a child. You can transfer upto $5,000 from your student child/grandchild. Transfer the amount that can be used by you. Unused portion can be carried forward indefinitely by child. Except Ontario, all provinces allow you to transfer upto $5000 on line 5860 for provincial credit. Ontario allows $6500 for line 5860.
    • Line 365 - Children's fitness amount. You can claim to a maximum of $500 per child as fitness tax credit for the fees paid in 2013 relating to the cost of registration or membership for your or your spouse's or common-law partner's child in a prescribed program of physical activity. The child must have been under 16 years of age (born in 1998 or later) (or under 18 years of age (born in 1996 or later) if eligible for the disability amount) at the beginning of the year in which an eligible fitness expense was paid. If child qualifies for disability amount, you can claim an additional amount of $500 as long as you have paid a minimum of $100 for registration. You can not claim fitness expense for future years.
    • Line 367 - Amount for children born in 1996 or later. Either you or your spouse or common-law partner can claim an amount on tax return for each of your or your spouse's or common-law partner's children who are under 18 years of age at the end of the year if the child resided with both of you throughout the year. Maximum tax credit amount is $2,234 per child. If child qualifies for family caregiver amount due to mental or physical impairment, you can claim an additional $2,040 for the child. You can claim this every year as long as your child is under 18 years of age for that tax year.
    • Line 370 - Children's arts amount. You can claim to a maximum of $500 per child for the fees paid in 2013 relating to the cost of registration or membership for your or your spouse's or common-law partner's child in a prescribed program of artistic, cultural, recreational, or developmental activity. The child must have been under 16 years of age (or under 18 years of age if eligible for the disability amount) at the beginning of the year in which an eligible fitness expense was paid. If child qualifies for disability amount, you can claim an additional amount of $500 as long as you have paid a minimum of $100 for registration. Unused recreational expenses can not be carried forward for use in next year. You can not claim art amount from previous years. However, you can claim previous year art amount on previous year tax return by submitting a revised tax return for previous year.

    Province specific children tax credit

    Source: fastneasytax.com

    Category: Taxes

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