Ottawa Divorce .com Forums


User CP

New posts

Advertising

  Ottawa Divorce .com Forums > Main Category > Financial Issues

Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

Closed Thread
 
LinkBack Thread Tools
  #1 (permalink)  
Old 03-18-2006, 11:26 PM
hubby's Avatar
Senior Member
 
Join Date: Nov 2005
Posts: 522
hubby will become famous soon enough
Default Child Tax Credit and Spousal Credit in shared custody

Jeff had written ...

"Claiming the Canada Child Tax Benefit
The person who is mainly responsible for the care and upbringing of a child is able to claim the Canada Child Tax Benefit. In cases of shared custody, each parent is normally entitled to receive the benefit for 6 months of the year.

Claiming the Equivalent to Spouse Credit
You may be able to claim an equivalent to spouse credit for one of your children, if you were responsible for supporting the child."

Child tax benefit is then claimable by BOTH parties for a period of 6 months each I take it?

The spousal credit, what if BOTH parents are responsible for supporting the children in a shared custody regime?

Hubby
  #2 (permalink)  
Old 03-18-2006, 11:57 PM
Moderator
 
Join Date: Oct 2005
Location: Ontario
Posts: 3,944
logicalvelocity has a spectacular aura aboutlogicalvelocity has a spectacular aura aboutlogicalvelocity has a spectacular aura about
Send a message via Yahoo to logicalvelocity
Default

Hubby,

I receive the ctb 6 months of the year and my sons mother the remainder 6 months. We negotiate every year who will claim the equivalent to spouse amount for our child as we do have equal 50-50 time sharing.

LV
  #3 (permalink)  
Old 03-19-2006, 08:27 AM
hubby's Avatar
Senior Member
 
Join Date: Nov 2005
Posts: 522
hubby will become famous soon enough
Default

LV ... thanks, something to consider with my spouse.

Hubby
  #4 (permalink)  
Old 03-19-2006, 03:14 PM
Senior Member
 
Join Date: Feb 2006
Posts: 141
gooddadgoingmad is on a distinguished road
Default

Ok, so my divorce is not final yet...and for the past year my son is in my spouses custody but I pay full child support and his medical care is under my work health insurance. Do I get to claim him as a dependant? Do we both get to do this?

I'm so bad at this tax stuff....definitly not my forte!
Thanks
GDGM
  #5 (permalink)  
Old 03-19-2006, 04:05 PM
hubby's Avatar
Senior Member
 
Join Date: Nov 2005
Posts: 522
hubby will become famous soon enough
Default

Good Dad,

The child tax credit can be split between spouses for the year from what I take and the spousal equivalent is something that can be shared from year to year but not both spouses can claim at the same time in the same year for spousal credit.

This is why it is so important to research this stuff and get it into the seperation agreement.

Hubby
  #6 (permalink)  
Old 03-20-2006, 06:05 PM
Senior Member
 
Join Date: Dec 2005
Location: Ottawa
Posts: 225
Jenny is on a distinguished road
Default

From what I know....

You can only share the tax credit if you have shared custody. They split it 6 months on - 6 months off.

Only one person can claim the dependant- the one the child lives with in sole custody situations
  #7 (permalink)  
Old 03-29-2006, 01:39 PM
Senior Member
 
Join Date: Jan 2006
Posts: 153
Duped is on a distinguished road
Default Just spoke with a lady at CRA..

I was just talking with a nice lady at the CRA concerning who can claim child on taxes as dependant or equivelent to spouse.

The rule is that only one of the parents can make a claim for the child on their taxes in a given tax year.

If both claim, both are denied the claim.

The common arrangement is to alternate years, or the one with the higher income uses the claim and splits it with their former spouse (not likely going to happen)

My spouse refuses to cooperate and therefore we will both be claiming and will therefore both be denied the claim. (That's life)

Hope this clears up some points of confusion.

Duped
  #8 (permalink)  
Old 03-29-2006, 03:08 PM
hubby's Avatar
Senior Member
 
Join Date: Nov 2005
Posts: 522
hubby will become famous soon enough
Default

Duped and LV,

1. CTB split 6 months for one spouse, 6 months for another.

2. Equivalent to spouse per child is claimable by only ONE spouse in a given year ... if both claim, credit is denied. BUT what about this statement that "A parent who is paying child support for a child cannot claim that child under that deduction"???

3. Daycare expenses claimable by person paying the daycare expense ... (Not the payor) but the person actually paying the daycare facility???

This correct?

Thanks all, things are moving quick and I'm trying to ensure all bases are covered in the seperation agreement!

Hubby

Last edited by hubby; 03-29-2006 at 03:16 PM.
  #9 (permalink)  
Old 03-29-2006, 03:42 PM
Member
 
Join Date: Mar 2006
Location: Ottawa, ON
Posts: 88
DadofTwoGirls is on a distinguished road
Default

If you look at the following link:

http://www.cra-arc.gc.ca/tax/individ...uations-e.html

It seems to indicate that a person can't make a claim for an eligible dependant if support payments are made to another person for that dependant.

If I have equal/shared custody of two kids, can I make a claim for an eligible dependant for one of the girls? I did that last year and it went through. I also made the claim this year. I pay child support based on guideline amounts.
  #10 (permalink)  
Old 03-29-2006, 06:06 PM
Moderator
 
Join Date: Oct 2005
Location: Ontario
Posts: 3,944
logicalvelocity has a spectacular aura aboutlogicalvelocity has a spectacular aura aboutlogicalvelocity has a spectacular aura about
Send a message via Yahoo to logicalvelocity
Default

If the cliam went through and you received a final assessment it must be alright.
Closed Thread


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -4. The time now is 04:42 PM.