Tax credit eases caregiver finances
(NC) – Being a caregiver to a loved one can be a rewarding experience, but it can also bring challenges that require compassion, time, and money. It may also take you away from your job, making the financial challenge even more difficult to manage.
If you are tending to a loved one who is dependent on you, consider the Family Caregiver Tax Credit when you file your income tax and benefit return. Introduced in 2011, this tax credit helps ease the financial burden of looking after a loved one by reducing the amount of tax you have to pay.
You may be eligible to claim an additional amount of $2,040 in the calculation of certain non-refundable tax credits. If you are tending to more than one eligible dependant, you can claim the credit for each of them. More information is online at www.cra.gc.ca/familycaregiver – and here's a snapshot:
You may be eligible for the Family Caregiver Tax Credit if you are caring for a dependant who is either:
• An individual 18 years of age or older, dependant on you because of an impairment in physical or mental functions; or
• A child under 18 years of age, with a prolonged and indefinite impairment who depends on you for much more assistance in attending to personal needs and care compared to others the same age.
Although no tax credit can alleviate all the challenges that go with caregiving, the family caregiver tax credit can help ease that financial burden and help you get back to what's most important – caring for your loved ones.
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