Be careful.
If your parents are not immigrant, you must be careful for the income since they do not have SIN card and can not work. If they are immigrant, they should report the income tax even can not apply the GST/HST. You should calculate carefully whether it is good for you to transfer your money to your parents as their income. I think it maybe no big difference. Otherwise, it is a fault for the tax report system.
Post by 小P
As long as the person's net income is equal or greater than $2550, he or she can not be claimed as your dependant(you won't get any benifit). However, for example if his income is $1550 in 2004, you can still claim $1000 deduction for him as he is your dependant.
If a person is your dependant, he can not apply GST/HST credit since he is part of your family(a dependant of you). |