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.

Reply
 
Thread Tools
  #1  
Old 04-06-2019, 09:03 PM
CoolGuy41's Avatar
CoolGuy41 CoolGuy41 is offline
Senior Member
 
Join Date: Jul 2017
Posts: 118
CoolGuy41 is on a distinguished road
Question How much is the dependant tax credit worth?

This is more of a tax question than a family law question. When my ex claims the 2 children as dependents on her taxes (because my a-hole lawyer neglected to ask the court for an order to allow this claim to be alternated), approximately/ballpark how much money is she getting from that? If there are no daycare, tuition, or medical expenses to speak of, is there still a dependent tax credit?
Reply With Quote
  #2  
Old 04-06-2019, 10:33 PM
rockscan rockscan is offline
Senior Member
 
Join Date: Mar 2014
Posts: 4,750
rockscan will become famous soon enough
Default

Yes and she can only claim one and its about $11,000 on line 305 I believe.

It simply goes toward reducing their taxable income. If your ex makes a lot of money it helps. If they make less than a lot it helps a little less.

I did my mothers taxes growing up and since her annual income was 30g, it helped her get just a little bit back.
Reply With Quote
  #3  
Old 04-07-2019, 12:13 AM
CoolGuy41's Avatar
CoolGuy41 CoolGuy41 is offline
Senior Member
 
Join Date: Jul 2017
Posts: 118
CoolGuy41 is on a distinguished road
Default

OK, I'm looking at Schedule 5 now. The base amount is $11,800. A tax credit of $11,800 translates into about $2k at a 19% marginal tax rate.

The line 305 section of Schedule 5 only has fields for 1 dependent, suggesting that you are correct in that she can only claim one.

However, if I understand thing 5 on the H&R Block website correctly, I can claim the other one! I'm that much happier with my lawyer now.

Grr, I guess I have to coordinate with the ex who will claim whom. (?)
Reply With Quote
  #4  
Old 04-07-2019, 12:35 PM
pinkmorganite pinkmorganite is offline
Member
 
Join Date: Dec 2016
Posts: 36
pinkmorganite is on a distinguished road
Default

Many men have problems with CRA being able to claim a child as a dependent if it's listed in their Court Orders/Separation Agreements that they pay child support.
Reply With Quote
  #5  
Old 04-07-2019, 08:12 PM
ele110 ele110 is offline
Senior Member
 
Join Date: Aug 2010
Posts: 125
ele110 is on a distinguished road
Default

For me, about 2k.
Reply With Quote
  #6  
Old 04-07-2019, 11:14 PM
Rioe's Avatar
Rioe Rioe is offline
Senior Member
 
Join Date: May 2010
Location: Ontario
Posts: 3,347
Rioe will become famous soon enough
Default

The first time I filed my taxes as a single mom I was so astounded by the increase I thought I must be doing something wrong. I could claim the full childcare amount AND the full dependent amount, which I'd never been able to do before.
Reply With Quote
  #7  
Old 04-12-2019, 11:23 PM
Zeke59 Zeke59 is offline
Junior Member
 
Join Date: Aug 2018
Posts: 1
Zeke59 is on a distinguished road
Default

If you make child support payments for a child and the other parent does not, you cannot claim an amount for an eligible dependant for that child. Only the parent who does not pay child support can claim the amount for an eligible dependant on line 305 of Schedule 1 for that child.
Reply With Quote
Reply

Tags
dependant tax credit


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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Eligible Dependant-Shared Custody-2 Kids-Yet Again KnotUntied Financial Issues 5 05-01-2014 01:00 PM
Child Tax Credit and Spousal Credit in shared custody hubby Financial Issues 65 10-08-2012 12:53 PM
Equivalent to married tax credit shellshocked22 Financial Issues 16 03-29-2012 10:41 AM
dividing property-related bills like taxes and credit line interest onedayatatime Financial Issues 6 10-14-2011 02:12 AM
induvidual credit card payments pandora_stes Financial Issues 1 07-23-2009 02:55 PM


All times are GMT -4. The time now is 06:03 PM.