TurboTax: ON428 Line 58330

 

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Relevant Material: "Line 58330 on the Form ON428 (Ontario Tax) is used to claim Adoption expenses. This non-refundable tax credit allows Ontario residents to recover a portion of the costs associated with the adoption of a child. 

The significance and rules for this line for the 2024 and 2025 tax years include:
  • Eligibility: You can claim this amount if you meet the federal criteria for adoption expenses on line 31300 of your tax return.
  • Claim Amount: For the 2024 tax year, you can claim up to $15,127 of eligible expenses for each child. (Note: This amount is typically adjusted annually for inflation; for 2023 it was $14,476).
  • Timing: The claim must be made in the tax year that the adoption is finalized or recognized under Ontario law.
  • Shared Claims: If two parents are adopting, they can split the amount, provided the total combined claim does not exceed the maximum allowed per child.
  • Residency Requirement: Only individuals who were residents of Ontario at the end of the tax year are eligible to claim this credit on Form ON428..." (Google)  
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