You may be able to claim the caregiver amount if an adult family member lives with you and is dependent on you due to mental or physical impairments. This family member may not necessarily be dependent on you financially; however if the dependent’s net income is over $21,435 this credit is not available.
You must have a signed statement from a medical doctor showing when the impairment began and what the duration of the impairment is expected to be.
The caregiver tax credit was new for the 2012 taxation year. It is substantial but only refundable if the caregiver has an income tax liability. If you think you might qualify for this credit, give us a call.