As a sponsor of your elderly parents under the Parents and Grandparents Sponsorship program, you may be eligible to claim some tax credits and benefits related to their care. However, the eligibility criteria for claiming your parents as dependents are different from those for claiming your children.
To claim your parents as dependents, they must meet certain criteria set out by the Canada Revenue Agency (CRA). These criteria include being a resident of Canada, being financially dependent on you, and having a net income of less than the basic personal amount.
To be considered financially dependent on you, your parents must rely on you for food, shelter, and other basic needs. You must also provide more than half of their financial support in the tax year in question.
If your parents meet the CRA's criteria for being your dependents, you may be able to claim certain tax credits and benefits, such as the caregiver amount, the medical expense tax credit, and the disability tax credit (if applicable).
I would recommend consulting a tax professional or using tax software to determine whether you are eligible to claim your parents as dependents and to ensure that you are complying with Canadian tax laws.
