Most people are aware that children offer valuable tax savings when it comes to filing tax returns.
However, many people are unaware you can also claim a non-child on your tax returns.
For example, I have a client who had his uncle (who has serious medical issues) move into his home for 2022.
He provided support for this uncle (who earned no money of his own) while he lived there.
This uncle can be claimed as an “other” dependent on my client’s tax return and will create a $500 tax credit.
This is a great example of why it is super important to share any significant life changes with your accountant.