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julesntim
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Should i bother claiming kid as a dependant if they have An income

 
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Should i bother claiming kid as a dependant if they have An income

Yes, you should claim your child as a dependant, since you may receive a tax credit. To be able to claim the amount for an eligible dependant you must meet all of the following criteria at the same time during the tax year. 

  • You didn't live with a spouse or common-law partner
  • You didn't financially support or receive financial support from a spouse or common-law partner
  • You supported a dependant who was one of the following, and
    • Your parent or grandparent by blood, marriage, common-law partnership, or adoption, or
    • Your child, grandchild, or sibling by blood, marriage, common-law partnership or adoption and under 18 years of age. If the dependant was older than 18, they must have had an impairment in physical or mental functions.
  • Your dependant lived with you in a home that you maintained (in most cases in Canada). You cannot claim this amount for someone who was only visiting you.

If you'd like to know more about who you can claim as a dependant on your tax return, here is a great article by TurboTax. 

 

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