Q:
Amanda's son just purchased a laptop, and the invoice was issued under her son’s name. Can Amanda claim lifestyle relief with this invoice?
A:
It depends on whether Amanda’s son is a dependant of Amanda. If the son is still a dependant, then Amanda can use this invoice to claim the lifestyle relief because it is implied that the laptop is purchased by Amanda. If the son is no longer a dependant of Amanda, then Amanda cannot claim the lifestyle relief using the invoice. The son is eligible to claim the lifestyle relief instead.
Q:
Is there any age restriction for child when claiming the SSPN tax relief?
A:
The parents can open an SSPN account as soon as the child is born. However, the account has to be converted to be under the child’s name when the child turns 29 years old. At that time, the parents cannot claim the relief anymore.
Wishing you plentiful tax savings!
Zen Chow
YYC Tax Guru
P.S. I've received a lot of tax questions, so now I am answering the frequently asked questions and sharing them with you weekly!