Child amount tax credit for children under 18
This federal non-refundable tax credit for dependent children under 18 is available beginning in 2007.
Details:
- based on $2,000 per year per child
- where the child lives with both parents, may be claimed by either spouse, with unused portion transferable to spouse or common-law partner
- In other cases, may be claimed by the parent who is eligible to claim the equivalent to spouse credit for the child (or would be eligible, if that child were the parent's only child).
For 2007, the actual annual tax reduction resulting from this tax credit is $310 (15.5% x $2,000) per child.
The federal TD1 2007 Personal Tax Credits Return form, which is used to determine income tax deductions for employees, has been revised effective July 1, 2007 to include this tax credit amount. For more information, see the article on the TD1 form on our Personal Tax page