Tax Tip #4

If you have a child who is turning 19 between now and March 31, 2019, whether they worked or not, they should file their 2017 taxes to ensure they receive the GST and/or Trillium benefits they are entitled to.

If you are a single parent with a working child, it is imperative that their income is reflected on your profile as this may affect the amount you receive for them as an eligible dependent. The Eligible Dependent amount is a tax credit that single parents receive for just simply being a single parent.

However, that amount is decreased dollar for dollar for what your child earned in 2017.So whether your child is 14 or 18, if they are working, it is important to make sure that their income is reflected on your tax return.It may not be beneficial to file your child’s taxes for 2017 as they may not get a return, but it is very important, if you are a single parent, to alert your tax preparer that your child did earn an income in 2017

For more tax tips and tax related frequently asked questions, visit my website at www.sauvetaxservices.ca