Taking care of a disabled dependent can qualify you for several tax benefits and deductions. Watch this video and find out what they are.
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Disability Credit Canada will help you get the most out of your Disability Tax Credit, CPP Disability, and Long term disability application whether you are applying for your child, your spouse or yourself. With over 90% success rate we can safely say: “If we can’t get you approved, no...
4. Credit for the Elderly and Disabled If you or your spouse are age 65 or older and you have a low income, you could be eligible to claim a tax credit for seniors. To claim the credit, retirees must have an adjusted gross income below $17,500 ($25,000 if both spouses are 65 an...
college tax credit is the Lifetime Learning Credit. The tax credit allows a taxpayer to deduct 20% of college tuition and fees, up to $10,000, which can equal a $2,000 tax credit. The credit may be used for taxpayer, spouse and dependent children. ...
*Eligible Designated Beneficiaries are defined as surviving spouse, minor children of the account owner, disabled or chronically ill individuals, and beneficiaries not more than 10 years younger than the deceased. These beneficiaries can take distributions over the course of their lifetime (depending on...
submitting an incomplete return, being a victim of fraud or identity theft, claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), your return needing further review, or filing Form 8379, Injured Spouse Allocation, which can take up to 14 weeks to process....
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To determine when you run a 2024 payroll what maximum to use, the system looks to the Federal Basic Personal Amount in the Tax Credit Control window. Tools | Setup | Payroll Canada | Control | Tax Credits. The system expects the amount of $16,129 for Federal Basic personal Amount in ...
Child and Dependent Care Tax Credit TheChild and Dependent Care Tax Credit (CDCTC)is a credit that helps taxpayers cover the expenses of caring for a child who is age 12 or under as of the year's end, a disabled spouse, or a qualified dependent (collectively, child care expenses) while...