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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
38% - Moderately

Child Tax Credit


Synonyms:deduction, offset income, tax credit
Acronyms &
abbreviations:
CTC
Notes:See Canada Child Tax Benefit (CCTB).
Filed Under: financial-banking, taxation
Tags: tax credit, taxes
 

Definition of Child Tax Credit (CTC)

Child Tax Credit (CTC)
1. A tax break allowed individuals who claim eligible dependent children on their tax returns.

Related Terms and Acronyms:

  • alimony   Monthly payments received by an ex-spouse. Payments must be received continuously for one year to be counted toward qualifying income for a loan.
  • child support (CS)   Monthly payments that contribute to the care of a child. Payments must be received continuously for one year to be counted toward qualifying income for a loan.
  • marital deduction   For estate tax and gift tax purposes, a deduction that allows you to transfer assets to your spouse tax-free.
  • Registered Education Savings Plan (RESP)   An investment vehicle used for a child's post-secondary education.
      ➥  RESPs are offered by most financial institutions in Canada.
  • tax credit (TC)   Tax credits are used to reduce the amount of the tax owed. Tax credits are more valuable than deductions because they directly reduce the amount of tax owed, rather than reducing the amount of income that is taxed.
  • tax deduction   An expense that governments allow you to subtract from your income before computing your income tax.

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