Tax credits are an important part of providing financial support to children taking care of aging parents in Canada. Tax credits can provide monetary relief to those taking on the responsibility of caring for an aging parent, which can be a significant financial burden. We outline some key tax benefits for family caregivers in Canada.
Canada’s caregiver tax credit can help individuals manage care expenses for a dependent family member with a serious health condition. Dependent family members do not have to live in the same house as you to qualify. We explore the eligibility criteria in depth and how to claim the caregiver tax credit.
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