Information For Claiming Your Family Tax Cut Credit

The family tax cut is a credit that you are able to claim if you are an individual who is married or who is in a common-law partnership. You can calculate it based on the net reduction to the combined federal taxes of you and your spouse or common-law partner.

This is done similarly to the way that you would transfer a maximum amount of $50,000 in taxable income from the spouse or partner who has the higher taxable income. The maximum amount of money you can receive is $2,000.

However, the following must apply to you and your spouse or partner in order to claim your family tax cut credit:

You and your spouse of partner weren’t living separately or apart due to a relationship breakdown in your relationship for 90 days or more, including the 31st December, 2015.

You and your spouse or partner were both Canadian resident on the 31st December, 2015.

You and your spouse or partner file a tax return for the year this credit is claimed.

You and your spouse or partner should have at least lived throughout the year with your child (who is less than 18 years old).

There are a number of reasons why you may not be able to claim the family tax cut credit. Here they are:

If you have been in prison or any such detention, for 90 days or more throughout the year.

If you have a common-law partner or a spouse who is claiming the credit for the year.

If your common-law partner or spouse filed for bankruptcy during the year.

If you or your common-law partner or spouse has decided to split the eligible pension income.

You have to ensure that you make the most of this credit and you can do that by ensuring that your spouse or your common-law partner claim all of the non-refundable tax credits that you may be entitled to.

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