Canada Child Tax CreditParents, no matter what income level, are able to claim the Canada Child Tax Credit for and children under 18 years of age and the end of a taxation year. The credit can be claimed by either parent provided the child resides with both parents after the childs birth or adoption. In cases where the parents are living apart, the parent who claims the eligible dependant credit must be the one who claims the Child Tax Credit. The 2009 value for this credit is $313. Many Canadian parents relate this credit to the Canada Child Tax Benefit, but the two have no connection except for naming similiarities. The latter is a non-taxable monthly payment of $1,340 base amount and $93 for each additional child under 18 years of age. The benefit is reduced when net family income reaches $38,832. The CRA offers an online calculator that will give you your family payment after inputting net family income. The annual payment is for determined in July for the prior taxation year. For information go to the CRA Canada Child Tax Benefit online calculator. Click here to leave the Canada Child Tax Credit page and return to the RRSP directory, where more important retirement savings and planning information can be found. . |