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New Baby? What tax credits can you claim after having a Baby
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0 Comments 01 October 2012
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3 @ ^2 s8 B) K( }& ]Having a baby is one of the most exciting times in your life. And with all the new changes, and lack of sleep, you don’t have time to check what may change with your tax return with the new addition to your family.- x, h- |4 q/ v4 `; L7 F
. I" u) M7 ]6 |$ g5 Q3 X) i' RHere are a few things that may apply to your tax return with the arrival of a new dependant:# l4 j n$ v6 R1 _5 I4 b
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1) Medical Expenses – If you incurred any expenses, such as the cost of a hospital stay or pre-natal care with a nurse, you can claim those expenses as medical expenses on your income tax return.
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3 e8 c9 T. E0 ~. i* i/ v2) Amount for a child born in 1995 or later – This is a general tax credit that is available to parents with a child under the age of 18. You can claim this amount for the entire year in which the child was born – so even if your child was born on December 31st, you will still qualify for the full amount. Important note: the year in this tax credit will change every year to accommodate the age limit of 18./ W8 m: E: a4 q5 E9 v
& e9 [7 T9 h- L* F5 K2 m3) Child Fitness Amount– If you registered your baby in infant swimming lessons, and the program complies with the eligibility of the credits, you can claim the Child Fitness amount. Be sure to double check the eligibility of the credit – the program does need to be of an eight week duration.
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4) Child Care Expenses – If you and your spouse returned to work or school this year, and paid for child care, make sure you get a receipt. Your child care expenses are an eligible income tax deduction. This includes fees paid to a baby sitter, nursery school or day care center.7 p1 R; @' u d
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5) Disability Amount – If your child is born with a disability, ensure that you get a signed T2201 from your medical practitioner and send a copy to the Canada Revenue Agency. This will entitle you to claim the disability amount for your dependant and help provide some additional relief on your tax return.8 t& T/ Z! E- m! I" C) s" z6 {& y7 Y
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发表于 2012-11-26 16:57
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