We thought we would give everyone a brief description and update on the federal Child Tax Credit (CTC). This has been one of the ‘levers’ that the federal government has pulled in order to get more money into the pockets of taxpayers that have children and fall within certain income limits.
What is the Child Tax Credit?
The CTC is a tax benefit to help families who are raising children.
What’s new for the tax year 2021 tax return?
Please see the link below to see if you are eligible to receive these payments, check on your payments, or stop the advance payments from being received.
Your tax professionals will need to know if you received Advance Child Tax Credit payments during the year and if so, how much you received. This will be reconciled on your 2021 tax return, with the balance of the credit being given to you.