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T
theworths01
March 6, 2022
Question

Why did my high school children's income affect my return?

  • March 6, 2022
  • 1 reply
  • 0 views
children were minors in 2021, my tax return amount lowered once in entered their income for 2021

    1 reply

    D
    Dhruvik
    March 7, 2022

    Certain credits are reduced by your dependants' income. For example: For you to claim the eligible dependant credit, the dependant’s earnings must be less than the current year’s Basic Personal Amount (these change yearly, see this CRA link for current year amounts). Your claim will be reduced by the dependant’s earnings so it’s important that if your dependant has any earnings, you complete their tax return first and enter the amount from Line 23600 – Net Income of their tax return on your own return.

    For more information, please see our TurboTax article: Claiming the Amount for an Eligible Dependent Credit 

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