Tax Implications of Child Support Payments
As a parent, you are eligible to claim deductible support payments. It is crucial for you to understand what you should include in the income and where you could maximize your deductions.
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As a parent, you are eligible to claim deductible support payments. It is crucial for you to understand what you should include in the income and where you could maximize your deductions.
For many individuals preparing their Canadian income tax returns, the term “taxable Canadian property” is probably recognizable. In fact, numerous provisions within the Income Tax Act impose tax implications regarding the disposition of this property on certain individuals, such as non-residents. As such, it is very important for Canadian taxpayers to be aware of the proper definition of taxable Canadian property, and how it affects them.