In a shared custody situation, who gets to claim CCTB for the child?
Allan Madan, CA
In a shared custody situation, you will receive monthly CCTB (Canada Child Tax Benefit) payments equal to 50% (or actual portion of time spent with child) of the amount you would have received if the child resided with you on a full-time basis. The parent currently claiming the CCTB will have to send a letter to the CRA explaining the shared custody situation and the portion of time the child spends with each parent (i.e. 60%-40% split).
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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