FIND THE ANSWERS

parents pension plan (lives with you) affect on your taxable income?

Answer this question

  • parents pension plan (lives with you) affect on your taxable income?


Answers

Answer #1 | 02/12 2013 13:16
If she does not pay you any rent, you may be able to claim her as a dependent on your tax return.
Answer #2 | 03/12 2013 14:07
You've posted this in the Canada section. Here is the Canadian answer. Since Louise's income is less than $19,435, Donna can claim a caregiver amount at line 315 of Schedule 1. This will reduce Donna's Federal Income tax obligations for the taxation year. There is also a corresponding provincial credit, but the amount of the credit will vary by province. In some provinces, Louise's income is too high, and the credit will not be applicable. If Louise is a certified Disabled person, Donna can claim a transferred Disability Tax Credit as Louise will not need all of it to reduce her own taxes to zero. There in no effect on the taxable income of Donna because these claim do not reduce taxable income on a tax return. They reduce the taxes payable, and will either increase a refund, or decrease an amount owing.

Possible answer

Anonymous134389
Login to your account
Create new account