Family Caregiver credit will support the sandwich generation
(NC)—According to Statistics Canada, approximately 2.7 million Canadians provide unpaid care for people 65 years and older. Many of these people are the “sandwich generation”, those caught between the often-conflicting demands of raising children and caring for aging parents or other relatives.
There is some tax relief in sight, however. Beginning with the 2012 tax return, the $2,000 credit for a Family Caregiver will provide an additional $300 in tax savings to the existing credits that may be claimed.
“Caring for both growing children and elderly family members can be challenging at times and you need all the help you can get,” says Cleo Hamel, senior tax analyst at H&R Block.
“This credit recognizes that more and more Canadians are caregivers to more than just their elderly parents. And for people caring for their aging parents, the caregiver amount is still available and you may want to explore the Disability Tax Credit options too.”
Hamel suggests one of the ways you can avoid missing out on this and other deductions is by using tax preparation, do-it-yourself software, like H&R Block At Home. Found online at www.hrblock.ca, it will guide you through step-by-step tips to identify every possible deduction or credit. This software also calculates your return as you go and ensures you get your maximum refund.