Tax Tips Every Parent Should Know
This article was provided by the Tax Professionals at H&R Block There’s no doubt that raising a family is getting increasingly expensive, so Cleo Hamel, senior tax analyst at H&R Block Canada, offers the following tax tips for families who wish to reduce their 2011 tax bill. Kids are a credit: Parents can claim the $2,131 Child Tax Credit for each child under the age of 18. This will result in a federal tax saving of $319 per child. If one parent cannot use the entire amount to lower their tax payable, the unused amount can be transferred to a … Continue reading
