If you are a grandparent, as the majority of my clients are, your children may be too busy to keep up on the latest tax changes. You may wish to ensure that they are aware of some of the new measures that are designed to provide some financial relief.
This summer, these changes will be taking on new meaning for my wife and I.
[Note: This benefit was rescinded in 2016] Couples with children under the age of 18 can now benefit from a non-refundable federal tax credit of up to $2,000. The credit is claimed by the higher income spouse and requires that spouses be in different tax brackets.
[Note: This benefit was also rescinded in 2016] The children’s fitness amount has increased from $500 to $1,000 per child. The credit is available for children under the age of 16 at the beginning of the year who are enrolled in eligible fitness activities.