The amount of child support that a dependent parent receives will be taken into consideration when calculating the family tax benefit amount for the year. This includes the child support payments made by the non-custodial parent to the custodial parent. An income test is usually used to determine who receives the least amount. The test looks at the dependency of the dependent children and the earning capacity of the non-custodial parent. The lower the earning capacity, the less family tax benefit will be received.
A dependent child may be eligible for additional child care benefits if there are enough unused funds in the program to cover the cost. There are also times when the disability tax credit is applied to the part b lump sum award. The dependent child may also be eligible to receive part b premium assistance. However, the premiums are typically limited to the first six months of coverage.
The child support payments can also be lowered if one or more of the parents has an earned income. The earnings test only uses the person’s net salary from work. Net means what it brings to the person’s house after taxes are deducted. It does not include things like rental income, gifts, interest or dividends.
A dependent child may also qualify for a family tax benefit part b supplement, called the maximum rate of compensation. This supplement is designed to help a parent receive the maximum amount for his or her dependents, as long as the dependents do not have the maximum insured amount. The maximum rate of compensation part b supplement is usually limited to the Earned Income Tax Credit.
There are several other items that are subject to an adjusted taxable income in the Canada Revenue Agency. These include gifts that a person may receive and those that he may not receive. The gifts that a person can receive are also called the charities b deductible. Those that he cannot receive are called the non-taxable gifts. He or she does not have to report these gifts on the income tax return.
To find out how much is family tax benefit part b, you need to take the adjusted taxable income first, and then look up the current rate on the b table. Then compare that with the maximum rate. Then, plug in the information to the appropriate line for your filing status. That should give you the amount that you will receive, in dollars.